The International Monetary Fund (IMF) has warned Russia it faces the risks of a "credit bubble swelling up" due to the rapid growth in consumer credit in the past decade, Russia's Deputy Finance Minister Sergei Storchak said on Friday, April 20.

"According to the IMF's report, ... it is necessary to prevent the swelling of the credit bubble in emerging markets, especially in the Russian Federation. The IMF rates the risks of Russian economy and the emerging economies overheating is very high," Storchak said.

According to IMF statistics, Russia's gross domestic product has doubled in the past 10 years, while the consolidated volume of loans grew three times in the same period.

"The IMF ranked this risk [the third most important] after debt problems in Europe and banking sector risks," he added, RIA Novosti reported.