Seaport Trades Billions of Russian Bonds as Wall Street Retreats

Investment bank and brokerage firm Seaport Group LLC has traded several billion dollars of Russian government bonds in recent weeks, becoming one of the main venues for clients to buy and sell securities that many of Wall Street’s biggest firms will no longer handle.

Seaport’s brokerage business, best known for trading debt and distressed situations, continues to settle and trade billions of Russian sovereign bonds daily and remains a buyer of such assets, it told clients last week in a note seen by Bloomberg News.

While the Biden administration hasn’t explicitly outlawed the brokering of such debt, the US Treasury …