Yields on Russia’s government ruble bonds fell the most in two weeks after the Federal Financial Markets Service said it will give foreign depositaries including Euroclear Bank SA direct access to domestic sovereign debt markets.

Yields on so-called OFZ bonds due in 2018 fell 14 basis points to 8.19 percent, the biggest drop since June 15. The rate on OFZs due August 2016 fell 12 basis points to 7.95 percent.

While Russia had planned to allow the foreign depositaries access to the market from July 1, Micex-RTS head Ruben Aganbegyan said April 23 that the markets watchdog was reviewing the timing and conditions of the change. The regulator announced Euroclear and others would be granted access in a statement on its website late yesterday.

“It’s a big step forward to bringing offshore investors to the local bond market,” Denis Korshilov, head of fixed income, currencies and commodities at Citigrup Inc. in Moscow, said by e-mail. “The market definitely needs fresh money, given the tight liquidity conditions which we have now. Potentially this is good news for the currency as well.”

The ruble gained 2.1 percent to 32.43 per dollar. Urals crude, Russia’s main export earner, jumped 1.7 percent to $92.26 per barrel.

To contact the reporter on this story: Jack Jordan in Moscow at jjordan22@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net