Russia is first to approve COVID vaccine: Putin

Russian President Vladimir Putin is saying that his country is now the first in the world to approve a coronavirus vaccine, which is expected to be put into mass production by the end of the year.

It hasn't completed clinical trials yet, but the vaccine is being hailed as a "Sputnik" moment by the country's sovereign wealth fund -- Sputnik being the name of the first satellite ever blasted into orbit, which was also Russian.

In fact the vaccine, developed by the Sistema conglomerate, is being marked as "Sputnik V" to foreign markets.

The vaccine was granted regulatory approval after less than two months of human testing, a move hailed by Moscow as evidence of its scientific prowess.

But only about 10% of clinal trials are successful, and some experts are concerned at the speed of its approval, who fear Moscow may be putting national prestige before safety.

The vaccine still has to complete final trials which require testing on thousands of participants.

It is normally considered essential precursors to receive regulatory approval.

The Moscow-based Association of Clinical Trials Organizations, a trade body representing the world's top drugmakers in Russia this week urged the health ministry to postpone approval until that final trial had been successfully completed.