Rosneft, the state-owned Russian oil company, has launched its London initial public offering, which could raise up to $10bn (€8bn) for the company and the country's government. It will be the largest flotation on the London Stock Exchange this year.

The government and the company's management finalised the flotation timetable over the weekend and bookrunners ABN Amro, Dresdner Kleinwort Wasserstein, JP Morgan and Morgan Stanley started investor education with institutions this morning.