Registering the debt with a Kazakh clearing house then enables buyers to collect coupon and principal payments, according to the people, who declined to provide additional details or names of companies involved in the transactions.
The workaround allows Kazakh firms to reap a quick paper profit for themselves and customers at a time when some international investors remain stuck with billions of dollars worth of ruble debt. Myriad restrictions block foreigners from collecting coupons and principal, but inside the country local investors can receive payments. READ MORE
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