A salvage team has reportedly found the remains of a Russian warship that sunk in 1905 with thousands of boxes of gold on board, estimated to be worth $195 billion.

The Seoul-based Shinil Group, which led the search for sunken Russian Imperial Navy cruiser Dmitrii Donskoi, said the wreck had been found at a depth of more than 420 metres, near the South Korean island of Ulleungdo, The Telegraph reported.

Piloted submersibles were used to take footage, which has been broadcast, of the remains of the ship. Shinil hoped to raise the wreck in October or November.

SHINIL GROUP Footage published by the Shinil Group, reported to show the name of the sunken ship on its stern.

Half of any treasure found aboard the vessel would be handed over to the Russian government, the company said, while 10 per cent of the remainder will be invested in tourism projects on Ulleungdo Island, including a museum dedicated to the vessel, The Telegraph reported.

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The Dmitrii Donskoi was said to have been scuttled during the Russo-Japanese war in 1905, going down with 5500 boxes of gold bars and coins still in its holds to stop the Japanese seizing it.