Shares in Russian oil company Bashneft spiked in Monday trading on word the company may go private in a matter of weeks, Russian media reported.

Russian news agency Tass reported shares were up 4 percent on the Russian stock exchange on the back of reports a deal is likely. According to that report, the government may give up its 50.08 percent in the company in a matter of weeks.

"Rosneft is likely to become the only bidder for the stake able to pay $5.2 billion as Lukoil considers the price too high," the Russian report read.

Russia has mulled a sale of oil companies, with Rosneft potentially moving toward business entities in China or India, which would correspond with an economic focus on Asian markets. The Kremlin has pivoted more toward Asia amid geopolitical strains brought on by crises in Ukraine, through which most of the Russian natural gas for Europe moves.

The Kremlin has been reviewing privatization options as the Russian economy risks lingering in recession because of the strains brought on by Western sanctions and low crude oil prices. Last week, the country's finance minister said the government expects to carry a budget deficit next year, though the depth of the crunch may depend on how well plans to privatize Russian oil company Bashneft, and potentially Rosneft, proceed.

With Russia's economy on pace to shrink another 1.6 percent this year before emerging from recession next year, privatizing state oil company Rosneft could bring in up to $6.5 billion to a federal budget struggling under the strains of lower crude oil prices. No estimate was available on returns from privatizing Bashneft.

Privatization efforts have been in various stages of progress. Russian media had reported the sale of Bashneft was postponed.

Russian President Vladimir Putin in May issued an executive order that permits the sale of the government's stake in Bashneft.