Commodity trader Glencore PLC and Qatar's sovereign wealth fund agreed to buy a 10.2 billion euro ($11 billion) stake in Russia's largest oil producer from the state in a triumph for President Vladimir Putin over sanctions imposed by the West.

Glencore said in a statement Wednesday it would commit 300 million euros in equity, with the rest coming from the Qatar Investment Authority – itself Glencore's largest shareholder – and bank financing. Glencore said the deal was still in "final-stage negotiations" and would likely close in mid-December.

Putin, who announced the deal on television with Rosneft Chief Executive Officer Igor Sechin, put the total deal value at 10.5 billion euros.

Intesa Sanpaolo SpA agreed to provide financing for Glencore, according to two people familiar with the deal who declined to be identified because they were not authorized to speak on the matter.

It also participated, along with Vitol SA, in a $10 billion prepayment deal with Rosneft for crude supplies in 2013 .

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