Russian President Vladimir Putin descended some 58 metres down in a Maltese-owned submarine to explore the wreckage of a 19th century naval frigate earlier this week.

The spherical submersible, C-Explorer 5, is owned by Maltese marine technology company U-boat Malta.

Speaking to Times of Malta, company director Anastasia Budykho said that although the €2 million submersible was not built in Malta she was currently in talks with the Maltese Government to start producing the costly vessels locally.

“There are only four countries in the world that produce similar technologies.

“Doing so here would be big for Malta,” Ms Budykho said.

The eye-catching submarine, which would not look amiss on a James Bond film set, is currently used in local marine research projects, but Ms Budykho said it was best suited for the maintenance of underwater gas and electricity lines. “This could be a possibility for Malta too,” she added.

The compact “pod” was shipped off to the Gulf of Finland, between Finland and Russia, earlier this month as part of a joint research project into Russian naval heritage. Several Russian naval ships are being catalogued in the hope of shedding light on the history of the collapse of the Russian Imperial Navy.

The gulf’s icy waters are reported to have helped preserve the ship’s hull, aboard which firearms, tableware and even body parts have been found.

Mr Putin, 60, currently over a year into his third presidential term, spent some 20 minutes in the frigid Finish waters in an official visit to the Russian Geographic Society.

Dressed down in blue jeans and white trainers the Russian President beamed from ear to ear as he emerged from the dark Baltic waters in his second dive of the year.