Today, Russia’s foreign currency loan rating is "ВВВ"/"stable"/"А-2", national currency loan rating - "ВВВ+"/"stable"/"А-2".

On 7 February, Euroclear launched Rouble OFZ services, opening the sovereign bonds market to foreign investors.

As of late 2012, over three quarters of federal bonds were nominated in Roubles, amounting to RUB 5.3 trillion (8.5% GDP); the remainder is nominated in US Dollars.

According to S&P, the domestic state bonds market is relatively shallow. In 2011, long-term Russian government loans in all currencies totaled RUB 1.4 trillion (2.5% GDP).

Opening the market to foreign investors is likely to increase the government’s borrowing options and deepen the domestic market. It will also give the government additional financing opportunities for potential deficits in a period when they can become a recurring theme in Russian state finance or when a sudden drop in oil prices slashes state income.

On the other hand, an open market will be affected by an increased volume of speculative capital flows and cycles, especially in economic turmoil.

It has been reported earlier that Euroclear had launched OTC OFZ settlement, and will launch exchange trades settlement in March.

Industry experts estimate new foreign investment prospects at USD 20bn.

Trading infrastructure, Project Group №1