The Bank Sankt Peterburg has turned to a government fund in a bid to finance the final stages of the $97 million North Crown hotel construction project.
The bank's vice-president, Oleg Nikitin, said he expected a decision from the Gas Fund within the next week.
The fund accumulates money earned through the export of natural gas to Turkey and was created in order to ensure the payment of Turkish workers employed in Russia.
Mr Nikitin explained that a Turkish construction firm, ATA, which has been at the forefront of the project, was owed approximately $25 million.
ATA suspended work on the site at the beginning of the year, but the developers hope that, if the funding can be secured, the hotel will be opened in three months' time.
Bank Sankt Peterburg estimates that a further $20 million is needed to finish off the complex which will aim to attract a similar clientele to the Nevskij Palace and the Grand Hotel Europe.
About 75% of the rooms have already had their preliminary fittings installed.
The bank has invested around $50-60 million in the project which will cost an estimated $97 million.
The site was provided by the Mayor's Office which also has a financial interest in the North Crown.
The hotel first ran into trouble in 1991 with the collapse of a Yugoslavian company which was jointly involved in the construction contract.
The North Crown was originally intended to be a three-or four-star hotel with around 500 rooms.
In 1994, the joint stock company, Interhotel Petrograd, signed an agreement with ATA to complete the project, but as a five-star establishment with 264 rooms.
The interior of the North Crown was designed by an American architect in the St Petersburg "modern style" which was prevalent at the beginning of this century.
A period building has been preserved on the site and it will be renovated to serve as a VIP block within the walls of the newly-constructed hotel.