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. Last Updated: 07/27/2016

First Chechen Bond Ready to Be Issued




Seeking a novel investment? Can you wait 10 years and be satisfied with no return?


Then the government of Chechnya has an offer for you!


The separatist Russia republic is planning to issue its first bonds on Monday. But don't expect to get rich quick.


"No yields will be paid on the bonds. Redemption will begin only in 10 years," Interfax quoted the chairman of the National Bank of Chechnya, Abdurashid Zakayev, as saying.


Which means that, accounting for inflation, the bonds are a sure-lose deal.


"Only true patriots of their motherland will subscribe," he conceded.


Chechnya fought a 21-month war for independence from Russia, but the conflict ended without resolving the republic's status. No country, including Russia, has recognized Chechnya as an independent country, but that hasn't stopped its government from doing all it can to gain international standing.


"In floating the bonds, the Chechen leadership is pursuing political goals," Zakayev said, Interfax reported.