Russia’s Financial Markets Service will give Euroclear Bank SA and Clearstream International SA direct access to Russian sovereign debt markets through the country’s central depositary, according to a statement on the regulator’s website late yesterday.

Euroclear and Clearstream will be able to handle only Russian state and municipal debt and debt from foreign entities until July 1, 2014, according to a proposal posted on the website. The system may include Russian corporate debt and shares after a monitoring period, RIA Novosti said, citing Dmitry Pankin, head of the regulator.

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To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net