World Bulletin/News Desk

Russian Prime Minister Dmitri Medvedev approved Monday the privatization of 19.5 percent of 69.5 percent state-owned shares in the oil giant, Rosneft.

According to an official announcement, Rosneft expects to earn 6.5 billion euros by selling 19.5 percent of the 69.5 percent shares owned by the Russian Federation.

The Russian oil giant had sought financial aid of $49 billion from the Russian government's National Welfare Fund in October.

The company has recently suffered from Western sanctions and dropping oil prices.