SOCHI, Russia—Russia is considering diversifying its debt portfolio away from countries that have imposed sanctions on Moscow and into the papers of its Brics partners, Finance Minister Anton Siluanov said Saturday.

Australia, Canada, the European Union, Japan, the U.K. and the U.S. have imposed sanctions against Russia in recent months to punish it for the annexation of the Ukrainian region of Crimea and for supporting anti-Kiev rebels in eastern Ukraine. The sanctions have pressured Russia's finances, prompting the Kremlin...