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. Last Updated: 07/27/2016

Rules Written for Debt-Swap Bonds

Russia's Central Bank has removed most of the barriers to foreigners buying new LUKoil and Gazprom bonds with restricted treasury bill proceeds, an official said Tuesday.

Alexei Drugov, deputy director of the bank's open-market operations department, said only chairman Viktor Gerashchenko and his deputy, Tatyana Paramonova, needed to sign revised rules approved by the bank's ruling board.

"Formally, LUKoil and Gazprom meet these standards," he said.

Drugov said it was not clear when the instructions would be issued, but he said the board had approved the changes a few days ago and the senior central bankers whose signatures were required also supported them.

Russia has long promised foreigners holding restructured paper they would be able to buy corporate debt on the Moscow Interbank Currency Exchange with their restricted proceeds, but bank rules needed to be changed to allow purchase of new issues, Drugov said.