WASHINGTON/LONDON—The U.S. Treasury Department has banned U.S. money managers from buying any Russian debt or stocks in secondary markets, on top of its existing ban on new-issue purchases, in its latest sanctions on Moscow over its invasion of Ukraine.
Despite Washington’s sweeping sanctions in recent months, Americans were still allowed to trade hundreds of billions of dollars worth of assets already in circulation on secondary markets.
The Treasury said in guidance published on its website on Monday that the ban extends to all Russian debt and that all Russian firms’ shares are affected, not just those of ones specifically named in sanctions….