Russia approaches banks in step towards reopening Eurobond sales

Moscow: Russia signalled a possible return to the Eurobond markets after a 29-month hiatus as it invited banks to bid for a role in organising the sale.

The Finance Ministry sent its requests for proposals to 20 foreign banks, including the Bank of China and Goldman Sachs Inc, and three local lenders, Sberbank PJSC, VTB Group and Gazprombank JSC, according to a statement on its website. No decision has been taken on what form the debt may take or when or whether it will be issued, Finance Minister Anton Siluanov told reporters on Friday.

Russia, which has not issued foreign-denominated debt for more than two years as sanctions were imposed on some of its companies and individuals and yields rose, has budgeted for a placement of as much as $3 billion (Dh11 billion) in Eurobonds this year.