Finland's biggest energy company, state-owned Fortum, will sell off its Russian operations by the beginning of July, according to Russian business daily Kommersant.
Citing sources, the paper reported on Tuesday that Fortum will accept offers from buyers until 21 June.
Major Russian companies including Gazprom, the majority state-owned multinational energy firm, and Inter RAO, a diversified energy holding company, are among the interested bidders, according to Kommersant.
The yet-to-be confirmed report prompted improvements on Tuesday morning as Fortum's share price surged by nine percent.
Back in May, Fortum announced that it was planning a "controlled exit" from Russia.