Russia to borrow $3 billion on foreign markets in 2018

MOSCOW - The Russian Finance Ministry said it plans to borrow up to $3 billion on foreign markets by the end of 2018, local media reported Tuesday.

"I think for the second time this year we will be able to enter foreign markets for borrowing, which will be up to three billion US dollars by the end of this year," First Deputy Prime Minister and Finance Minister Anton Siluanov was quoted by Tass news agency as saying.

Siluanov said the ministry will borrow both on domestic markets and foreign markets, although most of the money will come from the former.

In April, the Finance Ministry placed new 11-year Eurobonds for $1.5 billion and also made an additional placement of the Russia 2047 bonds for $2.5 billion, according to a previous RIA Novosti report citing the Finance Ministry.

The issue of entering foreign markets will be put on the agenda this fall, Siluanov said.

The total amount of borrowings in the next two years will remain roughly at the level of the current year, he added.

In addition to supporting planned expenditures, the money will also be allocated to the Infrastructure Development Fund to be set up in 2019, Siluanov said.