Russia is exploring international bond issuance for the first time since the war in Ukraine sparked sanctions from the west, in a sign that the Kremlin is keen to find additional sources of revenue as the economy heads for a second year of recession.
The country's finance ministry announced on Friday that it has approached 25 western investment banks and big Russian lenders Sberbank, VTB, and Gazprombank about a possible eurobond.
Russia last raised cash on international markets with a $7 billion bond in 2013, though with this year's budget earmarking $3 billion for a possible sale, the amount sold is likely to be lower.
An executive at one of the banks contacted said the ministry was now exploring raising 3 billion euros. A second banker at a European bank said Russia was likely to seek benchmark 10-year debt.
If Russia issues a eurobond this year it will mark the first time it has attempted to regain access to capital markets since the US and EU imposed sectoral sanctions against it in 2014, following Moscow's annexation of Crimea and the backing of separatists in the conflict in eastern Ukraine.