It's curtains for Russia:
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Russian debt sinks after Primakov cancels US trip
NEW YORK, March 23 (Reuters) - Russian debt prices fell sharply on Tuesday on news that the country's Prime Minister Yevgeny Primakov postponed his trip to Washington because of impending NATO military action in Kosovo, market experts said.
Russian Federation debt lost more than three percentage points, with the country's global bonds due 2005 off 3-7/8 at 21 bid. The country's global bonds due 2018 fell 2-3/4 to 24 bid.
Investors said prices fell as hopes of a new dialogue between Russia and the International Monetary Fund (IMF) faded.
Primakov had been expected to visit the U.S. this week to meet with U.S. officials about Russia's financial crisis in hopes of attracting fresh cash from the IMF.
''There was some hope that he (Primakov) could make progress with the IMF, even if we did not expect him to get any money,'' said Mike Conelius, manager of the T. Rowe Price Emerging Markets Fund.
But he added: ''He's certainly not going to get any money if he does not come, so the probability just went from slim to none, at least on this trip.''
Primakov, who was also expected to meet IMF managing director Michel Camdessus during his U.S. visit, said earlier that Russia wanted an agreement with the IMF.
''My meeting with Camdessus is essential,'' Primakov told a group of reporters after a meeting with Irish Prime Minister Bertie Ahern in Shannon, Ireland.
Russian Soviet-era dollar debt, which has been trading at defaulted levels for several months, also fell further following the news.
The principal notes, known as PRINs , were down 3/4 at 6-5/8 and the interest arrears notes, known as IANS were off 5/8 at 9-5/8 bid.
Meanwhile, a spokeswoman for the IMF in Washington said it regretted delays to talks with Russia after Primakov had canceled his trip but added discussions would continue in other ways.
The IMF spokeswoman had no date for new talks in Moscow between Russia and the IMF and could not say when Primakov might visit the IMF.
(Note: this article is ''in progress''; there will likely be an update soon.)
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