As they scramble to keep Russia's financial crisis from worsening, the country's officials and international bankers may have to move toward a restructuring of foreign debt, international banking experts said.

The Russian government announced Thursday that it was adding the New York law firm Cleary, Gottlieb, Steen & Hamilton and investment bank UBS Warburg Dillon Read to debt-restructuring talks led by J.P. Morgan & Co. and Deutsche Bank.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.