OAO Rosneft (ROSN), Russia’s state-run oil producer, will spend as much as 60 billion rubles ($1.8 billion) buying back 2.7 percent of its shares, Kommersant reported, citing people close to the company.

The oil producer stopped accepting bids from shareholders on May 24, the newspaper said.

To contact the reporter on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net