Budget revenues from privatization of a stake in Russian oil major Rosneft will amount to 703 bln rubles ($11.1 bln), Russia’s Finance Minister Anton Siluanov said on Thursday in an interview with Rossiya 24 TV Channel.

“We will receive 703 bln rubles ($11.1 bln) this year. This money will go to the budget; we expect this will take place from December 15 to 20. This money will make possible for us to finance all our expenses planned this year without increasing budget deficit,” Siluanov said.

The ruble will not experience pressure from sale of Rosneft shares because currency received from the transaction will be converted gradually, Russian minister said.

“Funds in foreign exchange will be converted into rubles step-by-step, under an agreed schedule, therefore no one-time pressure on the ruble will occur,” Siluanov said.

On December 7, Chief Executive Officer of Rosneft Igor Sechin reported to the Russian President Vladimir Putin that the privatization deal for the 19.5% stake in the company had been completed. A consortium of Glencore and Qatar’s sovereign fund (with equal shares) became the strategic investor and purchased the stake in Rosneft for 10.5 bln euro.