Russia is looking at borrowing funds on international markets for the first time in a decade, as authorities scramble to combat a deepening economic recession.

Costs in the pipeline: budget deficits are to erode the vast reserves Russia has built up from surging energy prices

The move, revealed on Tuesday by Alexei Kudrin, finance minister, comes as the country seeks ways to plug looming budget deficits and ease the way for heavily indebted companies to raise new funds.