Russia is finalizing plans to sell a stake in its biggest oil company, Rosneft, in November. According to Russian Economy Minister Alexei Ulyukayev, the Kremlin and Rosneft have reached a compromise and are prepared to move forward with the sale. Moscow is counting on the money it will get for privatizing 19 percent of the firm — roughly $11.4 billion — to help it close the $36 billion budget gap it is expected to see by the end of the year.

Rosneft's chief, Igor Sechin, had long opposed the idea of privatizing more of the company, which he believes would weaken his hold over a highly prized asset. But as the Kremlin has come under mounting financial pressure, it has stepped up its efforts to sell off parts of the firm. In an attempt to meet the Kremlin halfway, Sechin proposed granting a 50 percent stake in Bashneft — Russia's sixth-largest energy firm — to Rosneft in exchange for its partial privatization. At first, President Vladimir Putin staunchly opposed the merger because it would bolster Rosneft's position in the energy sector (and by extension, Sechin's position in Russian politics). On Oct. 3, however, Putin conceded and gave Rosneft permission to bid on Bashneft.

Now that the standoff between Sechin and Putin has ended, Moscow is trying to ensure that the sale occurs before the end of the year. The Kremlin has already racked up a substantial deficit for 2016 that is liable to grow even bigger over the next few months. But it has yet to find a buyer. Rosneft has offered to finance the privatization by purchasing its own shares, but that would require the company to secure foreign investment. Considering Rosneft is already heavily in debt, international lenders will likely be reluctant to lend the Russian firm any more money.

The Kremlin has also been courting buyers in China, Japan and India but no serious offers have been put on the table. Investors in India have been the most persistent in pursuing a Rosneft stake, and New Delhi's Oil and Natural Gas Corp. recently sealed a deal with Rosneft to buy a 23.9 percent stake in the Vankor oil field for $2.1 billion. That said, it is unclear whether the Indian company can afford to buy the full Rosneft share now being offered. Moscow may be forced to cobble together a series of deals to meet its revenue goal, but doing so would take time — and that is quickly running out as the 2016 budget cycle winds down.