Cyprus’ finance minister says Russia is among several possible foreign lenders which the country is looking to borrow from to service its debt and spur sluggish growth.

Kikis Kazamias didn’t disclose the terms of the loan Friday, but says he expects to clinch a deal soon.

He said any loan won’t detract from the government’s mission to consolidate public finances.

Interest rates on Cypriot bonds have shot up in recent months following a string of credit rating downgrades. That has hobbled the government’s ability to borrow from the markets and raised fears that the EU member may seek a bailout.

Kazamias is expected to unveil more cuts to the bloated public sector and tax hikes next week after lawmakers passed a first austerity package last month.

According to a report in Politis, the Russians will be lending the money to the Cypriots at the interest rate on the loan, which would be for up to 5 years, would be 4.5 per cent.