"Selected Russian bonds remain value-creating in the long run," Ivascyn told Frankfurter Allgemeine Sonntagszeitung in a summary of an interview to be published on Sunday.

Ivascyn, who took the reins after co-founder and former investment chief Bill Gross abruptly quit in September, also said he expected the U.S. Federal Reserve to raise interest rates next year.

"We believe that (Federal Reserve Chair) Janet Yellen will do this so carefully and with such restraint that there won't be major asset price declines," he said.

U.S. based Pimco's funds have suffered from ill-timed investments in Russia, Ukraine, Brazil and Venezuela, along with the ongoing flight by investors from emerging markets.

(Reporting by Maria Sheahan; Editing by Elaine Hardcastle)