Russia's health ministry on Wednesday said that the country's COVID-19 vaccine 'Sputnik V' is 92% effective according to interim trial results.

The initial results are only the second to be published from a late-stage human trial in the global race to produce a vaccine that could halt a pandemic that has killed more than 1.2 million people and ravaged the world economy.

Russia was the first country to register Sputnik V for public use in August. The approval however came before the start of the large-scale trial in September.

According to Russian Direct Investment Fund (RDIF), the interim results are based on data from the first 16,000 trial participants to receive both shots of the two-dose vaccine.

The Phase 3 trial of the shot, which is developed by Gamaleya Institute, is taking place in 29 clinics across Moscow and will involve 40,000 volunteers in total, with a quarter receiving a placebo shot.

RDIF says the chances of contracting COVID-19 were 92% lower among people vaccinated with Sputnik V than those who received the placebo.

Earlier on Monday, US based pharma company Pfizer Inc and Germany's BioNTech announced that their COVID vaccine is 90% effective.