Russian bonds are back on the market for a week as sanctions are temporarily lifted - and investors have already put in bids for over $1 billion in debt

According to the Wall Street Journal, investors placed bids for over $1 billion in Russian bonds at a Monday swap auction, as the US Treasury allowed trading for one week to allow buyers to settle swap contracts.

The bids come three months after the nation was ruled in default for not paying its debts, and roughly two months after it failed to make its payments.

American buyers couldn't buy Russian debt because of sanctions. The bonds can be bought and sold by US investors for seven days.

According to the WSJ report, investors who bought protection against a Russian default indicated a net interest in buying $500 million in debt. There were more than one billion dollars in bids to buy and more than one billion dollars in bids to sell.

According to the report, Goldman was the only investment bank to put in a net positive order for the bonds.

About $500 million of bonds were sold by outside investors to meet the $500 million gap between potential buyers and sellers.