Swaps Panel Asks US Treasury for Workaround on Russia Sanctions

A panel of 13 banks and asset managers have asked the US Treasury to allow trading in Russian assets temporarily, so that investors who wagered on Moscow defaulting can be paid what they’re owed.

The Credit Derivatives Determinations Committee, which regulates the credit derivative swap market, is engaging with the US Treasury’s Office of Foreign Assets Control on the matter, according to people familiar with the matter. OFAC hasn’t made a decision, and one isn’t likely to come until after the Group-of-Seven summit this weekend, a person familiar with the matter said.