A panel of 13 banks and asset managers have asked the US Treasury to allow trading in Russian assets temporarily, so that investors who wagered on Moscow defaulting can be paid what they’re owed.

The Credit Derivatives Determinations Committee, which regulates the credit derivative swap market, is engaging with the Treasury’s Office of Foreign Assets Control, according to people familiar with the matter. OFAC hasn’t made a decision, and one isn’t likely to come until after the Group-of-Seven summit this weekend, a person familiar with the matter said.

“The first scenario is that CDDC appeals to OFAC for an extension and a ‘one day only’ pass so that we can hold an auction and properly settle the CDS at the right price,” said Jochen Felsenheimer, a managing director at XAIA Investment in Munich. “I believe this is being discussed currently but it will take time to pass.”

A representative for the Office of Foreign Assets Control declined to comment. The CDDC didn’t immediately respond to requests for comment.

OFAC’s ban on buying Russian assets in the secondary market since early June has thrown a spanner in the works for what could be a potentially lucrative insurance wager on Russian bonds. At stake is a potential payment of $1.5 billion after the panel ruled Russia missed interest of just $1.9 million on a sovereign bond—a failure-to-pay event. 

But sanctions imposed after Russia’s invasion of Ukraine in February have left investors who are owed money from buying the insurance contracts in an awkward position—making a case for payments while asking governments to ease their response to a humanitarian crisis. Earlier this month, JPMorgan Chase & Co. and Goldman Sachs Group Inc. withdrew from handling trades of Russian debt in response to OFAC’s latest penalties on buying the debt.