Russia and China may sign an agreement as early as next month allowing development of an offshore yuan center in Moscow, the deputy governor of Russia's central bank said.

A clearing bank in Moscow with yuan capital could be designated by China's central bank by the end of June during an anticipated visit to Beijing by Russian President Vladimir Putin.

Sergei Shvetsov, deputy governor of the Bank of Russia, told Reuters over the weekend that his discussions with the People's Bank of China and financial regulators were "very productive" and the process "is close to being fulfilled."

Agreements on financial infrastructure, including a link between central depositories and a mandate for appointing a yuan-clearing bank in Moscow, may come as early as May, Shvetsov said.

Russia has sought to deepen its relationship with China following the imposition by the US and EU of sanctions on Russia two years ago.

Russian Deputy Finance Minister Alexi Moiseev, who met officials in Beijing on Thursday, also said that China and Russia could reach an accord on common financial infrastructure by the end of 2016.

Shvetsov, in his Beijing meetings, also raised the possibility of Russia issuing yuan-denominated bonds (panda bonds) in China.

In December, South Korea became the first government to issue a sovereign panda bond when it sold 3 billion yuan ($463 million) in 3-year bonds in China's interbank market.

Discussions are continuing on creating a link that would facilitate sales of yuan-denominated debt in Moscow that Chinese investors could have access to, said Shvetsov.

Issuing panda bonds in China would be easier and could be accomplished this year, he noted.

Russia said in 2015 it was hoping to issue at least $1 billion of the so-called OFZ bonds, which are the main treasury bonds used to finance Russian government borrowing on the domestic market, in yuan in 2016.