American banks Goldman Sachs Group Inc. and JPMorgan Chase & Co. began offering investors derivative contracts linked to the Russian ruble exchange rate. About this informs Bloomberg.
Interest in Russian assets is growing against the background of discussions in the US administration regarding the possible easing of sanctions against the Russian Federation in the event of a peace agreement to end the war in Ukraine. At the same time, some investors warn against hasty speculation, given the complexity of the sanctions legislation.
Currently, Goldman Sachs and JPMorgan offer non-deliverable forward contracts (NDF), which do not conflict with Western sanctions, as they do not involve the physical possession of Russian assets or the involvement of Russian citizens. Such derivatives give traders the opportunity to profit from changes in the ruble exchange rate, while remaining within the legal field.
“Deliverable forwards have been trading intermittently, but banks are certainly publishing quotes these days in a way they haven’t done before.” GAM UK portfolio manager Paul McNamara said.
