JPMorgan, Goldman Halt Russian Debt Trading After US Tightens Ban
- Firms’ continued trading had drawn the ire of Elizabeth Warren
- Retreat follows surprise update in guidance from US Treasury
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Two giant Wall Street banks are withdrawing from handling trades of Russian debt after the Biden administration’s surprise announcement last week it’s banning US investors from scooping up such assets.
JPMorgan Chase & Co. and Goldman Sachs Group Inc. were still matching sellers who wanted out of the debts with interested buyers this month, according to market professionals. Now, JPMorgan is pulling back after the US Treasury’s Office of Foreign Assets Control said investors in the U.S. aren’t allowed to acquire them, a person with knowledge of the decision said. A spokesperson for Goldman said it’s halting such transactions, too.