Morgan Stanley could finally pick up its fees from selling shares in Lukoil, the Russian oil company, as the Russian government relaunched the sale it cancelled at the last minute in August.

The US bank has retained its role as financial adviser, sole bookrunner and global co-ordinator of the $795m (€797m) sale, which is potentially the largest ever Russian equity offer. The record for Russia's largest equity offer is held by Gazprom, which raised $429m in 1996, according to Dealogic, the investment banking research firm.