Russia's Finance Minister Anton Siluanov said that talks with his Cypriot counterpart Michael Sarris will continue on Thursday.

Cyprus had 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.

(Reporting by Lidia Kelly and Darya Korsunskaya; Writing by Megan Davies; Editing by Maria Kiselyova)