Reuters quoted a government source Russia may subscribe to shares in aluminium giant UC RUSAL during a placement later this year signaling fresh state support to the firm's indebted owner, Mr Oleg Deripaska.

The source said state banking agent VEB was prepared to buy up to 3% of UC RUSAL for RUB 14 billion to RUB 18 billion thus valuing the world's largest aluminium firm at USD 16.25 billion to USD 20.9 billion.

The board of VEB chaired by powerful Mr Vladimir Putin Prime Minister of Russia wills on Thursday study whether to allow VEB to take money from the National Welfare Fund to invest in RUSAL IPO.

VEB is managing some of the money of the fund, which is meant to invest windfall oil revenues for future generations.

(Sourced from Reuters)