Transneft, the Russian oil pipeline monopoly, is to issue a three-year 9.6 billion ruble ($309.5m) bond - the biggest ever on the domestic market.

The issue goes to the board of state-owned Transneft for approval on Wednesday. The proposed volume is nearly twice that of the two largest previous ruble bonds, five-billion ruble issues from the gas monopoly Gazprom and Russian Aluminium.