(Reuters) -Russia’s Finance Minister Anton Siluanov stated Wednesday that a sovereign Eurobond buyback would end discrimination against Russian bondholders. He claimed they were not able access Euroclear settlement funds and were therefore unable to receive them. Interfax reported.

Analysts believe Russia offered to purchase back dollars bonds due next week in rubles. This move was seen as helping local holders the $2 billion sovereign bond issue get payment and easing Moscow’s hard currency repayment burden.

Following Western sanctions against Russia for its actions in Ukraine, and moves to block Moscow’s access to international finance, Russia has offered Eurobonds as a finance minister.

Interfax quotes Siluanov saying, “We see money entering Euroclear successful reaching foreign holders. Money on our debts.” Russian resident holders have their settlements frozen.

Euroclear has not yet responded to my request for comment.

Siluanov stated that they offered to settle the case directly with their residents in roubles to avoid discrimination against their security holders. They also proposed the possibility to buy back Russian residents’ debts.

While the foreign investors are not listed in the Finance Ministry’s estimate of how large the Eurobond is, a Russian source who is familiar with the matter stated that most of the Eurobond due by April 4th is divided among Russian investors.

After the sanctions, the rouble plunged by up to 40% against the dollar. However, it has now recovered some ground, trading around 83 dollars on Wednesday.

Although this is a far cry from the levels reached by Russia’s special operations in Ukraine (around 75), there are signs that Russian bondholders may enjoy the buyback.

Dmitry Lesnov (head of Finam brokerage’s client service department) stated, “Some Finam customers have those Eurobonds and they plan to participate in this buyback.”

Lesnov stated that this could be beneficial for clients as they will have certainty about their position and be able receive assets payments, despite restrictions imposed by Clearstream and Euroclear.

Bondholders are asked to submit requests for the National Settlement Depository to purchase their bonds between 1300 GMT and 1400 GMT March 29-March 30.

According to another source, bondholders that do not opt out of the voluntary sale will receive their Eurobonds in U.S. Dollars on April 4. Russia made earlier in the month other dollars coupon payments.

Russia has a March 31 deadline to make a payment of $447million. Russia is required to make $84 million payment in coupons for a 2042 dollar sovereign bond on April 4.