Russia's Finance Ministry Sells $111 Million of OFZ Treasury Bonds

The Finance Ministry building in Moscow.

Russia's Finance Ministry sold 7.34 billion rubles ($111 million) of OFZ treasury bonds at auction on Wednesday at an average yield of 13.89 percent, out of the 10 billion rubles on offer, Reuters data showed.

The ministry sold more than at the previous week's auction, when it sold 2.5 billion rubles of bonds out of 5 billion rubles on offer.

Last year, the ministry cancelled numerous bond auctions because of unfavorable market conditions linked to Western sanctions over the Ukraine crisis and turmoil on financial markets tied to a collapse in the ruble.

However, the ministry has said that it intends to hold regular auctions this year although with limited volumes.

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