MOSCOW: Venezuela has approved for use Russia's single-shot Sputnik Light COVID-19 vaccine, the Russian Direct Investment Fund (RDIF) said on Saturday.

Developed by Moscow's Gamaleya Institute, the slimmed-down vaccine, which the RDIF says is 79.4% effective against COVID-19 and costs under $10 a dose, has been earmarked for export and has been billed as a way to help vaccine supplies go further in countries with high infection rates.

Approval of the shot by Venezuela follows successful use of the two-dose Sputnik V vaccine in the country and "will help accelerate the vaccination" campaign, said Kirill Dmitriev, the head of the RDIF, which is responsible for marketing the vaccine abroad.