Andrey Kostin, the chairman of Russia's second-largest lender VTB Bank, said Russia might return to the foreign borrowing market by the end of the year.

According to a news report by Russian Interfax news agency, Kostin said an agreement has been signed with the Russian Finance Ministry, suggesting Russia might return to the foreign borrowing market by the end of 2016, if needed. Referring to the fact that Russia sold 10-year, euro-denominated bonds of $1.7 billion last month after a significant amount of time had passed, Kostin stressed that the Russian Finance Ministry will allow the selling of bonds totaling $3 billion by the end of 2016.

Euro-denominated bond sales are of significant importance for Russia, which is currently struggling in external borrowing markets and facing sanctions as a result of Russian acts in Ukraine. Analysts suggest that nearly 10 percent of Russia's budget deficit in 2016 could be eradicated through foreign borrowing instruments.