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Kazakhstan said local brokerages that snapped up Russian sovereign debt last year did so largely on behalf of clients who were Kazakh and Russian residents.
Disclosing details of a bond-market maneuver used by some investors in navigating sanctions against the Kremlin, Kazakhstan’s Agency for Regulation and Development of Financial Market said transactions with ruble government securities, known as OFZ, generated deals worth a total of 641.1 billion tenge ($1.4 billion) since March. It didn’t give earlier figures for comparison.