IMF officials have formed a preliminary view that $3 billion in bonds sold to Russia by Ukraine should be classified as official rather than private debt, referring to a source familiar with the issue.

The status of the bonds is subject to approval by the IMF’s executive board.

Treating the bonds as official debt, as Russia has sought, would exclude them from the bond restructuring Ukraine is negotiating with a creditor group led by Franklin Templeton, which would place a greater burden on private bondholders, Bloomberg said.

The Ukrainian government has proposed a 40% principal write-down.

Ukraine considers eurobonds worth $3 billion due in late 2015 as the same as any other Ukrainian eurobonds and invited Russia, along with private creditors, to take part in the negotiations on the bond restructuring.

Moscow refused to take part in the negotiations and insists on the bonds being paid in the due terms. On June 22, Ukraine paid the next coupon payment on schedule on eurobonds in the amount of $3 billion, which were placed in favor of Russia on December 2013.

Under IMF policy, countries receiving loans from the fund can’t be overdue on debt payments to other official creditors. The IMF said earlier this month that it can keep supporting Ukraine even if it stops payments to private creditors.