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. Last Updated: 07/27/2016

Shake-Up Delays Russian Eurobond

LONDON -- Russia has delayed its planned Monday Eurobond sale in the wake of President Boris Yeltsin's decision to fire his entire Cabinet, Interfax reported, citing Deputy Finance Minister Mikhail Kasyanov.

Russia planned to sell as much as 2 billion Deutsche marks ($1.1 billion) of seven-year Eurobonds Monday.

"The final decision [on when to hold the sale] will be made after an analysis of foreign investors' reaction to the dismissal of the Russian government," Interfax said.

Yeltsin fired his entire Cabinet, including Prime Minister Viktor Chernomyrdin, and appointed Fuel and Energy Minister Sergei Kiriyenko as acting prime minister. The move pushed Russian bonds lower in early trading.

Debt prices fell more than 1 1/2 points earlier, but recovered most of the losses amid expectations Kiriyenko and the new Cabinet will boost reform.

Kasyanov said President Yeltsin's statements backing reform would have a positive influence on the placement of Russian securities on foreign markets.