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. Last Updated: 07/27/2016

Flotation To Boost Finances

Russia, in a brave new attempt to tackle its worsening non-payments crisis, will begin issuing one-year government bonds in May to help pay debts it owes to domestic state enterprises.

Marina Chekurova, deputy head of securities at the Finance Ministry, said Wednesday the government planned to issue a total of 1.1 trillion rubles ($611 million) of the new paper.

The bonds, with a face value of 14 million rubles each, will be deposited at the Central Bank and sold to banks. The proceeds will go toward covering Finance Ministry debts to state enterprises, she quoted a government resolution as saying.

"The Central Bank will sell the bonds to commercial banks and it's up to banks to create a secondary market," Chekurova said.