Russian oil firm Ruspetro is planning a London listing a source told Reuters, making the company the latest Russian resource company to seek liquidity and international profile on the UK's index.

The source said the flotation of the company, which owns oil assets in Siberia, could occur in the first quarter of 2012.

A report in London's Sunday Times said Ruspetro would look to raise 400 million pounds via the listing and had hired Bank of America Merrill Lynch to handle the process.

Ruspetro declined to comment.

The company needs 160 million pounds to repay loans and develop its oilfields, where it hopes to grow oil output to 70,000 barrels a day in five years time from its current 4,500 barrel level, said the Sunday Times.

Two Russian companies which have recently floated in London, precious metals miner Polymetal
and steel maker Evraz , will become the first Russian companies in the FTSE 100 when they start trading on the index on Monday.

Others queuing up for London IPOs include, Polyus Gold
, which is still in the process of gaining approval for a listing, potash firm Uralkali and Eurasia Drilling , which have both expressed interest in full London listings.

($1 = 0.6440 British pounds)

(Reporting by Megan Davies and Sarah Young; Editing by Jon Loades-Carter)