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. Last Updated: 07/27/2016

Debt Market Falls

The secondary market in Russian debt took a 3-point hit moments after Finance Minister Boris Fyodorov's dramatic announcement Thursday that he would not take a place in the new government.

The debt, obligations of the former Soviet Union to foreign commercial banks that are now traded on international markets, fell from a high of 46 to about 43 in New York after Fyodorov's evening press conference in Moscow.

"The market considers Fyodorov to be very important for the course of reforms," said Lynne French with ING Bank in London.