Cypriot Finance Minister Michael Sarris said before talks in Moscow that he hoped to secure a loan agreement with Russia on Wednesday.

"We're hoping for a good outcome, but we cannot really predict," Sarris told reporters on the way in to talks with Russian Finance minister Anton Siluanov.

Cyprus has asked Russia for a five-year extension of an existing loan of 2.5 billion euros ($3.22 billion) that matures in 2016, as well as a reduction in the 4.5 percent rate of interest.

($1 = 0.7760 euros)

(Reporting by Lidia Kelly; Writing by Katya Golubkova, Editing by Timothy Heritage)