U.S. sanctions on Russia’s sovereign debt put global investors on notice that the securities could tumble further even after the steep declines they’ve experienced as the Ukraine crisis escalated. While the measures President Joe Biden announced stopped short of more dramatic action that could significantly limit the country’s access to funding, Tuesday’s action was a warning salvo. Investors remain wary of potential further moves that could affect a wider range of Russian banks, or even extend to limits on the country’s ability to convert rubles for foreign currencies. Many U.S.-related investors — who already face restrictions on buying Russian government bonds in the primary market — won’t be allowed to buy in the secondary market any securities that are newly issued after March 1. The primary market appears to be the main target, but there could be knock-on effects for already existing debt and potential risks later on as […]