Russia is set to issue government bonds in Chinese yuan for the first time next month, as announced by the Finance Ministry on Wednesday.

The ministry indicated it will offer two series of OFZ bonds, each valued at 10,000 yuan (approximately $1,400), with maturities ranging from three to seven years, and interest payments scheduled every six months.

Investors will have the option to purchase and receive payments in either yuan or rubles, according to the ministry’s statement.

The order placement is planned for December 2, with the actual sale scheduled for December 8.

The Finance Ministry did not disclose the total volume of these yuan-denominated bonds, stating that this would be established based on investor interest. A report from Reuters last month suggested that the ministry might issue yuan bonds valued up to 400 billion rubles (around $4.9 billion).

The news agency also mentioned that ministry representatives had engaged with potential investors, aiming for a diverse group that includes banks, asset managers, and retail brokers.

Discussions regarding yuan bond issuance have been ongoing for a decade, but previous attempts were obstructed by Chinese regulatory authorities, according to the business news site RBC.

This initiative comes as the Russian government seeks to secure funding due to a significant decline in revenues. The Finance Ministry now anticipates that this year’s deficit will reach 5.7 trillion rubles ($63 billion), a sharp increase from the earlier projected deficit of 1.2 trillion.

As of September, oil and gas revenues had plummeted by 20% year-on-year, while customs duties had decreased by 19%.

Currently, there are about 166 billion rubles ($2 billion) worth of corporate bonds denominated in yuan circulating in Russia, as reported by financial data provider Cbonds.