Misha was a symbol of 1980 Moscow Games

After months of deliberations and uncertainty Russia has finally decided to bid for the 2012 Summer Olympic Games.

Officials acknowledge that Moscow's chances are minimal but stress that the bidding is nevertheless in national interests of the country.

The decision to bid was taken at the meeting of the Presidential Council for Sport and Physical Culture, the semi-official body which advises the head of the country on sport issues.

The council agreed that Moscow was able to compete with other bidders - which include Leipzig, Paris, Madrid and New York.

Britain may join the running - though the government has not yet decided whether to back the British Olympic Association's bid.

Moscow authorities are now in the process of preparing documents for the International Olympic Committee.

Russian President Vladimir Putin is a dedicated sportsman

Despite Moscow's bid being supported by the government, only a few people believe it can be successful.

Some Russian sport pundits say that Moscow Olympic bid is even weaker than the failed Russia bid to stage the European Football Championship in 2008.

However, Russian authorities say that the bid itself can help them modernize sport facilities around the country.

Moscow is to host a major athletics meeting in September with a total purse of $2.4 million. The tournament is called the Moscow Challenge and will take place at the Luzhniki stadium.

Organisers said they expected American sprinters Maurice Greene and Tim Montgomery and British sprinter Dwain Chambers to take part along with Russian athletes, including pole vaulter Svetlana Feofanova.

Moscow hosted the 1980 Olympic Games which was boycotted by a number of Western countries protesting against Soviet invasion of Afghanistan.

No major international sport tournament has been held in Russia since.