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LONDON, June 9 (Reuters) - The EMEA determinations committee said on Thursday it was deferring a decision over how to hold a potential auction on Russian credit default swaps (CDS) following an update on sanctions by the U.S. Treasury Department earlier in the week.
The goal is "to allow credit derivatives market participants time to assess the implications that the updated OFAC (Office of Foreign Assets Control) FAQs may have on the ability of market participants to participate in an auction", the committee said in a statement.
The committee, whose members also include Goldman Sachs, Bank of America, Deutsche Bank, Elliot Management and PIMCO, will meet again on June 10 at 1400 GMT.
The panel of investors decided last week that Russia’s failure to pay $1.9 million in accrued interest on a dollar bond would trigger payouts potentially worth billions of dollars.
The U.S. Treasury Department, which has imposed sweeping sanctions on Moscow over its invasion of Ukraine, has updated information earlier this week, saying that measures in place prohibit U.S. money managers from buying any Russian debt or stocks in secondary markets. (Reporting by Jorgelina do Rosario, editin gby Karin Strohecker)