Russia will pick from two to four international...

Russia will resort to borrowing on world capital markets in 2010 for the first time in 10 years, with a budget deficit projected at 6.8% of GDP this year.

Deputy Finance Minister Dmitry Pankin said the Finance Ministry had received about ten bids to manage the Eurobond issue, but gave no details about its value.

The Finance Ministry earlier said Russia could borrow up to $17.8 billion on world markets in 2010, although the exact amount would depend on the market situation, primarily world oil prices.

"Now we are studying the offers. We"ll make our choice by the end of the month or during the first days of February," Pankin said, adding that remaining lenders from the shortlist could still send in their offers.

Pankin said there were many criteria to sovereign Eurobond managers. "First of all, a bank"s possibilities for the most effective bond placement will be taken into account."

Russia"s foreign debt currently stands at about 10% of GDP, but

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