Amid the ongoing race to produce a potential vaccine for the novel COVID-19, Russia announced that it will be able to vaccinate over one billion people within 2020-2021, reported Reuters citing the Interfax news agency.

The country’s sovereign wealth fund said that over 1 billion people would receive its COVID-19 vaccine “Sputnik-V” in the said period.

Sputnik V COVID-19 vaccine has been developed by the Gamaleya Research Institute of Epidemiology and Microbiology under the Russian Health Ministry.

It may be granted permission to release a batch of its vaccine for civilian use, according to the report.