Gazprom, the Russian state-controlled energy group, could become a sponsor of the London Olympics.

The company has held talks with the International Olympic Committee (IOC) with a view to becoming one of 12 potential “global” sponsors after the Beijing Games this summer.

Gerhard Heiberg, chairman of the IOC’s marketing commission, flew to Moscow last November and is expected to meet Gazprom executives again later this month.

If a deal is struck it will come at a time when diplomatic ties between Britain and Russia hang in the balance. Gordon Brown is hoping that relations will improve following the election of Dmitry Medvedev as Russia’s new president.

Last week Gazprom was criticised for temporarily cutting gas supplies to Ukraine over unpaid bills. About 25% of Europe’s gas comes from Russia, most of it through the Ukraine.

The IOC has already signed up nine companies, including Coca-Cola, McDonald’s and Visa, as global sponsors for 2009-2012. It aims to raise about £500m.

About £75m of this sum will go towards the London Olympics in 2012. London officials hope to raise a further £670m from “domestic” sponsors to help cover the £2 billion cost of hosting the Games.

A potential stumbling block to Gazprom’s Olympic ambitions is the fact that the IOC is allowing London to choose an exclusive sponsor from the “oil and gas” sector. For Gazprom to become an IOC global partner, it will probably have to bid separately for the London contract.

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