But skeptics fear corners have been cut and the vaccine, developed by the Gamaleya Institute, will not be safe.
Project director Alexander Ginsburg denied this, saying he had already received the vaccine himself.
Kirill Dmitriev, director of the Russian sovereign wealth fund, described it as a new “Sputnik moment” – referring to the first satellite launch in 1957.
He told CNN: “The Americans were surprised when they heard Sputnik’s beep.
“It’s the same with this vaccine. Russia will get there first. ”
Officials at the Moscow-based institute say health workers will be the first to receive a vaccine.
Critics fear the jab has not been properly tested – and is rushed to the approval stage because the Kremlin is anxious for Russia to be seen as a scientific heavyweight.
Insiders told CNN that scientists were preparing to make the vaccine available by August 10 – or ideally sooner.
However, Russia has not released any data on the tests it has carried out.
The second phase of development will be complete by Monday, officials told CNN.
This is a modified version of a jab used to prevent cases of another disease, but no additional details are available.
Mr Dmitriev said scientists intended to “protect people” and were not afraid to be the first.
According to insiders, the vaccine uses human adenovirus vectors and patients would need a second boost.
Russia has more than 820,000 confirmed cases, including 13,673 deaths linked to Covid-19.
More than 140 teams of researchers and scientists from around the world are competing to develop a safe and effective vaccine against Covid-19.
The UK government has signed deals for four different potential coronavirus vaccines, committing to a total of 250 million doses.
The government recently signed an agreement for up to 60 million doses of a vaccine against the coronavirus under development by pharmaceutical giants GlaxoSmithKline and Sanofi.
has also signed for 100 million doses of the vaccine developed by the University of Oxford and the Anglo-Swedish pharmaceutical company AstraZeneca.
WHO chief scientist Soumya Swaminathan said the Oxford / AstraZeneca vaccine, called ChAdOx1, was the most advanced candidate.
It is made from a genetically modified virus.
Phases one and two of the clinical trials have already been completed and the third and final phase of development is underway in Brazil.
If the vaccine proves effective, it will be submitted to the British Medicines and Healthcare products Regulatory Agency (MHRA) by the end of 2020.
BioNtech and Pfizer are also developing a vaccine that injects part of the genetic code of the coronavirus into patients.
It is hoped that this will elicit an immune response and the body will develop antibodies against specific parts of the virus.