MOSCOW – Russian stocks edged higher on Tuesday, shrugging off the risk of possible new sanctions from a newly published US list of oligarchs close to the Kremlin.

The list, drawn up as part of a sanctions package signed into law in August last year, does not mean those included will be subject to sanctions.

It includes a wide circle of wealthy Russians who run some of the country's biggest companies, including the heads of Russia's two biggest banks Sberbank and VTB, metals magnates and the boss of state gas monopoly Gazprom .

VTB Capital analysts said the list was "simply a mechanical listing" of prominent Russian politicians and business leaders which would not automatically lead to any immediate sanctions.

"Therefore, we do not expect any market reaction," they said in a note.

By 09:20 GMT, Russia's dollar-denominated RTS index was up 0.76% at 1 285.59 points, up from a low of 1 266.48 hit shortly after the market open.

The rouble-based MOEX Russian index, previously known as MICEX, was 0.53% higher at 2 296.27 points, up from a low of 2 264.16 hit earlier in the session.

The market reaction was muted as the United States stopped short of releasing on a report on possible sanctions on the holding of Russian state debt, a possibility that had worried investors.

Yields for Russia's 10-year OFZ bonds inched lower to 7.35% from around 7.43%.

"Non-residents have started buying OFZ bonds but rather cautiously," said Alexei Pogorelov, an economist with Credit Suisse in London.

The Russian central bank declined to comment on the possible market impact from the new US report.

ING chief economist Dmitry Polevoy said any impact from the list would now depend on the response from Western investors and businesses.

"It will be important how Western, European businesses react since they do, in one way or another, work with the companies whose owners are now on this list," Polevoy said.

"Whether or not there's some real effect from this list depends on their reaction."

ATON analysts said lower oil prices and uncertainty about potential future US sanctions would continue to exert some pressure on Russian stocks.

The Russian rouble appeared to shrug off the report. It was 0.15% stronger against the dollar at 56.23 and had gained 0.1% to trade at 69.65 versus the euro.