Sanctioned Russian state shipowner Sovcomflot (SCF Group) will “shortly” resume coupon payments for its Irish bonds series.

The company has missed two instalments on two note tranches worth a combined $928m since the invasion of Ukraine because the payment agent refused to handle its money.

But Sovcomflot said it had held a meeting for investors on 2 August that thrashed out unspecified “packages” of decisions, including introducing alternative payment arrangements.

The tanker and LNG carrier player now plans to make coupon payments to investors holding notes through Russian depositories.

This is in compliance with an executive order from Russian president Vladimir Putin from July regarding the “repatriation” of foreign and Russian currency by residents engaging in overseas economic activity, the company said.

Investors holding notes outside Russia have been invited to contact Sovcomflot about alternative payment arrangements.

“As a responsible and trustworthy borrower, Sovcomflot confirms that it is committed to fully discharging the obligations under the notes and that it has the necessary financial resources to do so,” the company said.

“Sovcomflot will continue to make all possible steps to ensure coupon payments despite the sanctions imposed by the European Union and the United Kingdom that hinder the proper discharge of the company’s obligations,” the owner added.

The bonds mature in June 2023 and April 2028.

The missed coupon in April was worth $8.28m on the 2028 series, while the missed June payment for the 2028 issue was not specified.

The Irish notes were delisted by the Irish Stock Exchange in Dublin on 12 April, “without proper notification”, Sovcomflot said.

On 31 December, the company had $600m of cash and cash equivalents.

Chief financial officer Nikolai Kolesnikov, a British citizen, left the company in March as sanctions were imposed over Russia’s invasion of Ukraine.