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MOSCOW (Reuters) - Russia's finance ministry will issue new Eurobonds in exchange for outstanding bonds no sooner than in September, Finance Minister Anton Siluanov said.
The finance ministry plans to swap its outstanding Eurobonds worth $4 billion for new paper in order to postpone the repayment of foreign debt.
"We will need some time now to prepare for the exchange. I think we won't be ready before September," Siluanov said in an interview with Reuters.
If the finance ministry sells new Eurobonds, it would be the second time this year it has tapped global capital markets despite Western sanctions imposed on Moscow for annexing Crimea and its role in the Ukrainian crisis.
The finance ministry sold two Eurobond tranches in June, raising $3 billion, while demand topped $6.6 billion, a deal that Russia painted as a victory over restrictive geopolitics.
Global investors stomached political risks, including signs that Western sanctions may get tighter, and bought the bonds as the yields offered by Moscow were relatively high.
Sources close to the ministry have told Reuters that later this year Russia may offer to swap Eurobonds maturing in 2018, 2018 and 2030.
Writing by Andrey Ostroukh; Editing by Toby Chopra