(Reuters) – Russia will pay its international debt in roubles. This currency can then be exchanged for Eurobonds later on. The finance ministry announced Wednesday that Russia’s payment of its debt to the United States has been made possible by a waiver granted by the U.S.

U.S. Treasury Department permitted a waiver to end at 12:01 ET (0401 GMT), Wednesday. It prevented Russia from making maturity and interest payments to U.S. persons on its sovereign debt.

According to a statement by the Finance Ministry, “The decision…” “Primarily infringes the rights foreign investors in Russian Debt Instruments and undermining confidence in Western Financial Infrastructure,” it said.

Russia was rushing to make payments last week on two international bonds, one euro- and one dollar-denominated. This happened ahead of the May 27, settlement date. The waiver was due to expire.

Payments on Russian foreign bonds amounting to almost $2 billion are due by year’s end. On Wednesday, the ministry stated that it will continue servicing its obligations externally but only in rubles. These could later be converted to the original bond currency via the National Settlement Depository.

According to the finance ministry, payments using foreign financial intermediaries are made through the C-type account of these financial intermediaries… and investors who submitted proved rights in writing can have access to the funds again.

Moscow temporarily prohibited foreign investors from those countries that supported sanctions against Russia from selling assets inside Russia, and stopped them from receiving payment on domestic rouble bond until the sanctions are lifted.

The NSD has created special C-type accounts to receive coupon payments for sovereign bonds. They will keep them there until the Western sanctions and Moscow’s countermeasures are lifted. The NSD has not yet responded to Reuters’s request for comments.

“The present situation does not have anything in common with 1998, when Russia was short of funds to repay its debts. The statement was made by Anton Siluanov, Finance Minister.