LONDON (Reuters) – JPMorgan (NYSE:)’s rising market strategists stated on Wednesday that new U.S. sanctions on Russian sovereign debt introduced this week have been prone to have restricted implications for the worldwide traders that already maintain them.

They added that the brand new measures, which introduce restrictions on ‘secondary market’ buying and selling of rouble and non-rouble-denominated debt issued after March 1, have been unlikely to see bonds ejected from key debt indexes because the curbs didn’t apply to bonds already issued and in circulation.

“We see restricted implications for present non-resident Eurobond holders,” JPMorgan’s analysts stated in a word to shoppers.

“As present bonds can nonetheless be traded within the secondary market, index exclusion issues are immaterial at this level, in our view, as eligibility continues to be topic to liquidity and accessibility assessments,” they added.

JPMorgan additionally stated that its rising market consumer survey had proven non-resident positioning in Russian Eurobonds appeared gentle.

“Traders have maintained a agency UW stance since 2018 with our newest outcomes standing out on the most UW degree within the survey’s historical past which started in 2001.”