Sanctioned Russian state shipowner Sovcomflot (SCF Group) is planning to exchange $928m of Irish eurobonds for Russian notes following problems in paying coupons to investors.

The Moscow-listed group said the first tranche on offer matures on 26 April 2028.

The shipowner has missed two interest payments on its two issues because the payment agent refused to handle its money.

The company has tried to reassure markets it is a trustworthy financial player.