Russia’s Economy Ministry proposed 1.5 trillion rubles ($46 billion) on bonds to help finance infrastructure projects, Vedomosti newspaper reported, citing deputy minister Sergei Belyakov.

Next three years Russia will have to spend 9.6 trillion rubles on 48 major infrastructure projects and 2.2 trillion rubles should be borrowed, according to Vedomosti. Among projects to finance are Yamal LNG, an Arctic liquefied natural gas project by OAO Novatek (NVTK), Russia’s biggest independent gas producer, a central ring road around Moscow region and Moscow’s airports.

To contact the reporter on this story: Ilya Arkhipov in Moscow at iarkhipov@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net