Initial responses from major fixed income index providers to Russia’s invasion of Ukraine have been overtaken by sanctions and Russian retaliation in the form of de-facto capital controls. The index providers have now confirmed that all Russian securities will be removed from their respective benchmarks at the upcoming March 31 rebalancing date. Most local securities are priced at, or very close to, zero and no interest is being accrued on these securities.
Below is a summary of the latest announcements from major index providers related to exclusion of Russia in their benchmarks.
