Debt talks between Russian finance ministry officials and representatives of western banks have ended in London without agreement.

The talks were aimed at restructuring Russia's debts to the banks, worth fifteen billion dollars or two-hundred-and-fifty billion roubles, which were incurred when it defaulted on its rouble bonds in August.

Russia's deputy finance minister, Mikhail Kasyanov, described the line taken by the banks in the negotiations as 'harsh'.

The two sides expect to resume the discussions next week.