Russia has reportedly selected South Korea and other countries as locations to produce its COVID-19 vaccine named "Sputnik V."

According to Russia's state-run TASS news agency on Monday, Kirill Dmitriev, CEO of Russian Direct Investment Fund(RDIF), unveiled the plan in a webinar on Russia's cooperation with South American countries. 

RDIF, the Russian sovereign wealth fund, has invested in the Nikolai Gamaleya National Center of Epidemiology and Microbiology, so that the state-run research institute can develop the vaccine named after the world's first satellite that the Soviet Union launched in 1957. 

Dmitriev said that a large-scale supply of Sputnik V would be possible in December, adding the vaccine will be produced in South Korea, India, Brazil, China and another country. 

The CEO added that negotiations are under way with health authorities of multiple countries to secure approval for the Russian vaccine. 

Moscow granted regulatory approval to the vaccine in August, after less than two months of human testing without a Phase Three trial.