Russia has made a proposal to the International Monetary Fund (IMF) over its $3 billion debt dispute with Ukraine, the country's finance minister said at the G20 Summit Monday.

"Russia has presented a proposal concerning Ukraine's reimbursement of its $3 billion debt to Russia," Russian state news agencies quoted Minister of Finance Anton Siluanov as saying. He described the offer as "interesting" and said it could "serve as a basis to solve the problem."

Moscow has insisted that Ukraine repay by December the $3 billion it issued to President Viktor Yanukovych ahead of his ouster in February 2014.