Banks split ruble forwards books on Russia sanctions fears

Traders say market for deliverable forwards has "disappeared"

100 ruble note

Fears that sanctions on Russia could prevent settlement of ruble-denominated trades have revealed hidden risks in bank portfolios, where deliverable and non-deliverable forwards (NDFs) have often been traded as a single book. With end-users switching en masse to NDFs in recent weeks, the prices of the two have diverged, forcing banks to separate them.

"It has been a complete dislocation. In this last week, we've had to split out all the portfolios into deliverable and non-deliverable trades, as

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