MOSCOW (REUTERS) - Russian Finance Minister Anton Siluanov said on Friday that Western sanctions imposed on Russia over its annexation of Ukraine's Crimea region could raise the country's borrowing costs and push yields on Russian bonds higher.

Siluanov also said that should unfavourable market conditions persist, Russia may cancel its foreign borrowing plans for 2014 and reduce the issuance of domestic debt.

Russia's official plans envisage around US$7 billion (S$9 billion) worth of foreign borrowing this year.