Cyprus’s Finance Ministry said on Thursday it had received the second installment of a loan Russia has extended to the eastern Mediterranean island.

The 1.32 billion euros will be used to pay sovereign bonds coming due in the coming months, the Nicosia-based Finance Ministry said in an e-mailed statement.

The country has already received 590 million euros and expects to receive the third and final tranche of 590 million euros at the end of March, the statement said. [Bloomberg]