Russia's economy ministry wants to raise almost 1 trillion roubles ($15.8 billion) from selling state stakes in major companies over 2017-2019 and sees no risks if Russia were to double its debt burden, Economy Minister Alexei Ulyukayev told Reuters in an interview.
The Kremlin launched its latest privatisation drive this year to plug holes in the budget caused by weak oil prices but had planned to drastically scale back the number of deals. It plans to raise a total of around 1 trillion roubles in 2016.
Under budget plans being reviewed by parliament's lower house, Russia was to raise around 138 billion roubles from privatisation deals next year, followed by 14 billion roubles a year in 2018 and 2019.
Ulyukayev is now suggesting these figures be increased.
"Those figures which stand in the finance ministry's three-year plans are very small. We have now introduced our proposals. We think we can significantly increase the fiscal component," he said.
"Two hundred to three hundred billion (roubles) a year is a conservative assessment. It could be more ... In total for the three years it (budget revenue from privatisation) comes to almost 1 trillion."
State stakes in No. 2 bank VTB, shipping firm Sovcomflot and Novorossiysk Commercial Sea Port were among the first that could be sold starting next year, Ulyukayev said.