The International Monetary Fund says its talks in Moscow have ended without agreement on the release of further loans.

It said it was prepared to send another mission to resume negotiations, but that the Russian government's priority must be to work out a realistic budget for next year.

It said that while both sides shared a common view of economic objectives, the measures required to achieve them were not in place.

Moscow had hoped to secure the release of part of a multi-billion loan package to pay overdue wages, pensions and other state debts without having to resort to printing roubles.