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. Last Updated: 07/27/2016

Russia Eyes Bond Sales

MOSCOW -- Russia raised its estimate of new foreign bond sales to about $3 billion through the end of this year as it tries to repay $24 billion in debt, raising concern about its ability to manage its borrowing.

Prime Minister Sergei Kiriyenko said the government will sell bonds if market conditions are favorable, according to government spokesman Alexei Volyn. Russian Eurobonds fell.

The Finance Ministry said earlier this week it would sell no more than $2 billion of new foreign bonds this year after Russia won International Monetary Fund approval for $22.6 billion in loans. The government has swamped the Eurobond market with new bonds by swapping $4.4 billion of ruble-denominated debt into seven- and 20-year bonds and selling Eurobonds in June.