Russian oil firm issues bonds to pay debts

MOSCOW: Russia’s biggest oil company Rosneft is considering offering 2.4 trillion rubles ($66.2 billion) in ruble-denominated bonds to finance its colossal debt in possible response to the weakening ruble and the risk of sanctions over Russia’s seizure of Crimea, a report said Tuesday.

The Kommersant business daily said the state-controlled company was “discussing the possibility” of launching the unprecedented high-volume bond offering if the ruble comes under further market pressure, which would make it more expensive to pay back its dollar- denominated debt.