Matt Levine, Columnist

Euroclear Made Some Russian Money

Also private equity conglomerates, private credit covenants, Morgan Stanley succession and a Panic Sell button.

October 26, 2023 at 6:10 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Programming note: Money Stuff will be off tomorrow, back on Monday.

Consider a Russian oligarch who invested some money in the bonds of a German company a few years ago. After Russia invaded Ukraine, the oligarch was subjected to comprehensive sanctions by the European Union, forbidding anyone in the EU from doing any business with him. His bonds are trapped at an EU brokerage and he can’t sell them. But then the bonds mature and the German company has to pay them back. But it can’t send money to the oligarch. What happens? Who gets the money?

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