MOSCOW: The Russian central bank is considering three-year refinancing for banks secured by investment projects, the bank's First Deputy Governor Ksenia Yudayeva said on Wednesday.

Russian banks have been pressing the regulator for longer-term refinancing tools similar to the European Central Bank's long-term refinancing operation (LTRO). At present the Russian central bank provides medium-term refinancing up to one year.

Yudayeva said that as a first stage the central bank would accept loans that are backed by state guarantees.