Russia needs to borrow 1 trillion roubles more to cover non-oil revenue shortfall

FILE PHOTO: Russian Finance Minister Anton Siluanov delivers a speech during a session of the lower house of parliament in Moscow, Russia March 11, 2020. REUTERS/Evgenia Novozhenina

MOSCOW (Reuters) - Russia will need more than 1 trillion roubles ($13.44 billion) of additional borrowing this year to cover the shortfall in non-oil and gas revenues, the Interfax news agency cited Finance Minister Anton Siluanov as saying on Saturday.

Speaking on a state television program, the minister also said that 2 trillion roubles are expected to be directed from Russia’s National Wealth Fund to cover shortfalls in revenues that do come from the oil and gas sector.

Reporting by Darya Korsunskaya; Writing by Polina Ivanova; Editing by Gareth Jones