Alexis Tsipras has travelled to St Petersburg today to attend an economic forum in St Petersburg, he is also due to hold sideline talks with Russian president, Vladimir Putin.

Given the timing of the visit, and the fading chances of Greek bailout funds being unlocked before it is due to repay some €1.6bn to the IMF on June 30th, many commentators have wondered whether Russia might extend a fresh credit line to Athens.

The pair are already planning to develop a gas pipeline which will run through Turkey and Greece and bring fuel into Europe while bypassing Ukraine.

The Greek prime minister has been one of the most vocal critics of EU sanctions against Russia, but they have continued to be rolled out.

Another possibility is that Greece could turn to the newly founded 'Brics' development bank which currently comprises of Russia. Brazil, China, South Africa and India.

Officials in Athens say that Russia would support a Greek bid to join, and Mr Tipras has said that it is an option which he would seriously consider.

Brics nations will meet next month, but it is unlikely that other members would be willing to offer Greece an alternative lifeline as it could be seen as an aggressive move against the EU.

Given the effects of Western sanctions, the near collapse of the rouble in 2014, and low oil price, it is also unlikely that Russia is in a position to offer a handout to Greece. If the country is to find a solution to its current debt crisis, it probably won't come from the East.