Russia will not borrow on foreign markets this year

Russia will not borrow on external markets in 2011 as the state’s coffers are full from sales of oil, the country’s key export, Finance Minister Alexei Kudrin said on Wednesday.

“We will not go to the foreign markets this year. Oil prices are high, revenues are high, the balance of payments is strong enough,” Kudrin told journalists.

In April Deputy Finance Minister Sergei Storchak said Russia could this year reopen its 40 billion ruble Eurobond placed in February. The seven-year paper was sold at 7.85 percent.

MOSCOW, May 11 (RIA Novosti)

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