JPMorgan said that Russia will be excluded on the bank’s fixed income indexes on 31 March.
The bank joins other rival index providers in excluding Russian securities from their indexes after Moscow’s invasion of Ukraine.
On 1 March, JPMorgan had placed Russia on index watch following the imposing on sanctions on the country.
Russia will be excluded from the widely followed family of sovereign hard-currency indexes EMBI. The bank said on Monday the country will be excluded from the investment grade and other credit bucket sub-indexes.
Additionally, local-currency denominated Russian bonds will be excluded from the GBI-EM indices. The bank also said that accrued interest for such bonds will be set to zero and suspended on 7 March.
Moreover, Russia and Belarus will be excluded from the JESG EMBI, JESG GBI-EM, and JESG CEMBI indices.
Index providers FTSE Russell and MSCI have also said that they are taking similar actions as the sanctions are growing and the public pressures for Russia’s economy to be isolated from the West.
Payment firms Visa, Mastercard, American Express and PayPal have suspend services in Russia.
