Putin sanctions risk access to $600 billion in funding

European Union and U.S. sanctions jeopardize funding for Russian companies, which have tapped international capital markets for more than $600 billion in debt and equity since the country emerged from its 1998 default. Russian businesses have about $165 billion in U.S. and European bonds and more than $100 billion in offshore syndicated loans currently outstanding, according to data compiled by Bloomberg. The sanctions against Russia "will likely force a further contraction in domestic credit growth and hence the economy," said Alexander Moseley, senior portfolio manager in New York with Schroders Plc, which oversees $100 billion in fixed-income assets. The European Union today joined the U.S. in prohibiting Russian state-owned banks from selling shares or bonds in the West in an effort to force Moscow to end support for rebels in eastern Ukraine.

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