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In a bid to increase pressure on Belarus President Alexander Lukashenko and his government, the US Treasury Department imposed restrictions on new issues of Belarus’ sovereign debt, prohibiting the transaction and financing of Belarusian sovereign debt issued on or after December 2, 2021 in primary and secondary markets. This comes alongside sanctions on 20 individuals and 12 entities imposed by the Treasury’s Office of Foreign Assets Control. The move represented the US Treasury’s fifth leg of Belarus-related sanctions since the country’s presidential election in August 2020, which the US says was fraudulent. The action was said to be a coordinated effort with Canada, the United Kingdom and the European Union.

Andrea M. Gacki, Director of the Office of Foreign Assets Control, said “Treasury will continue to work with the international community to address the Lukashenko regime’s repression, corruption, and flaunting of internationally recognized human rights.”

Belarus’ existing bonds have been trending lower, with its 5.875% 2026s down to 90.197 from levels of ~92 in October.

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