The head of Rosneft (ROSN.RS) said Monday that the deal for the state-run oil company to buy out both sides of the troubled TNK-BP joint venture could be financed by Western banks, Interfax reported.

"There is a possibility the deal will be covered by raising funds from Western banks," Igor Sechin said.

Rosneft says it has agreed to pay $28 billion for the 50% stake owned by the AAR consortium of Soviet-born billionaires, and $17.1 billion for BP PLC's (BP) 50% stake. BP would also receive shares comprising 12.84% of Rosneft as part of the deal.

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