Russia's new financial ambassador, Mr Anatoly Chubais, said yesterday that Moscow needed between $10 billion and $15 billion (£7.1£10.7 billion) to stabilise financial markets. "The situation currently evolving in Russia is difficult," said Mr Chubais, the reform veteran, who was appointed on Wednesday as a special presidential representative to international financial institutions from which Moscow urgently wants support.

Mr Chubais said that, given the financial turmoil in Russia, which was triggered by a combination of a slump in Asia, low global oil prices and a gaping hole in the government's budget, an additional financial package was currently being discussed.

An International Monetary Fund team is due to arrive in Moscow early next week to discuss the possibility of a supplementary aid package to help shore up the rouble and ease the pressure of mounting short-term debt.