KIEV, Oct. 14 - Ukraine's creditors cast votes on Wednesday on a restructuring deal critical to the country's bailout program with most expected to agree to the terms except Russia, which holds bonds worth $3 billion, Reuters reported.

Ukraine agreed the debt exchange with a group of its largest creditors in order to plug a $15 billion funding gap under an International Monetary Fund-led $40 billion bailout program, but remaining creditors still need to approve the plan.

The Finance Ministry had yet to release a statement on the outcome of the vote.

A eurobond held entirely by Russia is included in the sovereign and sovereign-guaranteed bonds to be restructured, but the Kremlin has repeatedly said it will not participate in the process, arguing the debt was an official loan.

It stood its ground on Tuesday with President Vladimir Putin saying the IMF should lend Ukraine the $3 billion to pay off Russia.

The IMF has not yet decided whether it views Russia's bond, which matures on Dec. 20, as official sector debt.

The deal plays a central part in Ukraine's plan to shore up its war-torn economy, which was brought close to bankruptcy by years of corruption and economic mismanagement.

A 75 percent majority of holders in each bond must back the deal.

"There is a very low probability that all 13 bonds don't go through, but I strongly expect the Russians to abstain or not vote," Reuters reported citing one holder of Ukrainian debt.

"(That), I think, will probably mean we all have to wait on an adjourned meeting around Oct. 27-29 before Ukraine proceeds with closing the deal, presumably without them, based on their rhetoric."

Ukraine's bonds do not have cross-default clauses, meaning holders of one bond cannot sink the entire restructuring deal if those holding other issues vote in favor of the swap.

The threat of other holdouts loomed in September, when holders of shorter-dated bonds argued that the terms of the debt swap were unfair. Last week the group said they would participate after Kiev sweetened the deal.

Under the proposed agreement, Ukraine plans to issue nine new bonds with maturity dates from 2019 to 2027, all paying a yield of 7.75 percent. Holders of two issues maturing in 2015 can exchange their holdings for 2019 bonds -- the shortest maturity available in the new series of issues. (rt/ez)