After a nearly six-month suspension due to the Ukraine conflict, the Moscow Exchange will reopen to foreign investors in part on Monday.

It states that only investors from “non-hostile countries” will be permitted to trade bonds.

The decision excludes many of Russia’s largest investors who have imposed sanctions on the country’s economy.

In February, Russia closed its markets to prevent money from leaving the country during the war.

The Moscow Exchange said in a statement that it would reopen its bond market to “non-resident clients from non-hostile countries, as well as non-residents whose ultimate beneficiaries are Russian legal entities or individuals.”

China and Turkey are likely to be among these countries, as neither has imposed sanctions on Russia.

It went on to say that banks, brokers, and investment management firms had begun registering their foreign clients with the exchange.

Russia’s stock and bond markets were closed just hours after President Vladimir Putin sent thousands of troops into Ukraine on February 24.

In March, it began a phased re-opening that was limited to Russian government bonds.

The resumption of trading on Monday excludes investors from “hostile” countries, who are still prohibited from selling Russian securities.

These countries include European Union members, Canada, and Japan. Last year, the group accounted for 90% of all investments in Russia.

Russia’s invasion of Ukraine and Western sanctions have taken a toll on the country’s economy.

For the first time since 1998, the country is thought to have defaulted on its debt in June.

While it had the funds to make a $100 million (£82.5 million) payment, sanctions prevented it from transferring the funds to international creditors.

According to Kremlin spokesman Dmitry Peskov, the money was withheld by an intermediary bank and the reserves were “illegally” blocked.