Finance Minister Vladislav Goranov and Energy Minister Temenuzhka Petkova will take part in the St Petersburg International Economic Forum (SPIEF) 2015, news sources say.

SPIEF, an international forum hosted by Russia annually since 1997, brings together developed and emerging economies' state and business leaders to discuss key challenges facing both Russia and the international community.

Since 2006 it has been held under the patronage of the President of the Russian Federation.

The forum is scheduled between June 18 and 22, according to its own website, and President Vladimir Putin is to open a plenary session on June 19 at 14:30 local time.

Last year, under the socialist-liberal administration of PM Plamen Oresharski (which was often described as having close ties to Russia), Bulgaria's only representatives at the forum included two diplomats and the Editor-in-chief of the Bulgarian News Agency (BTA).

But daily Standart quotes "high-ranking sources from the Council of Ministers" as saying the two ministers travel to Moscow for the forum.

Reportedly, Bulgartransgaz CEO Georgi Gegov will also participate.

Though there is no list of participants as of now, the event traditionally includes thousands of delegates from dozens of countries.

This year, it is to take place amid soared tensions between Russia and the West over Ukraine. Last week Moscow put forward a "travel ban" involving 89 European citizens as a counter-measure against economic sanctions. A former Bulgarian diplomat, Ilian Vassilev, is also on the list.

In 2014 Russia also imposed a one-year ban on food imports from the EU and a host of Western countries.