Russia is returning to the bond market for the first time since 2013

Russia said it asked 25 banks from nine countries to tender for its first bond issue since September 2013, according to the FT and Bloomberg.

The country been the subject of financial sanctions since forces crossed the Ukrainian border and annexed the Crimean peninsula in 2014.

Russia raised $7 billion (£4.9 billion) in 2013, and has since shunned the bond market.

But falling oil prices and a government funding gap has left the country in need of some quick cash - the FT reports that Russia is seeking to raise up to €3 billion (£2.4 billion)

The bond market is just one place to look for cash - Russia has also drawn up a list of seven state-owned companies for partial privatization in a bid to raise funds.

The list reportedly includes Russia's largest state-owned oil company, Rosneft, and its state-owned pipeline monopoly, Transneft, along with diamond miner Alrosa, airline Aeroflot, Rostelecom, shipping line Sovcomflot, and Russian Railways. Two banks-VTB and Sberbank-are believed to have been taken off the list already.