Russia eyes overseas funds

Russia is considering borrowing funds on international markets for the first time in a decade, amid a deepening economic recession. The move, revealed on Tuesday by Alexei Kudrin, finance minister, comes as Moscow seeks to plug looming budget deficits and help heavily indebted companies raise funds. Kudrin predicted a budget cut of Rbs1,300bn (€29.3bn) to Rbs9,000bn next year amid an expected 30% drop in revenue due to low oil prices.