The wreck of a Russian warship reputed to be holding $176 billion in gold bullion has been found off a South Korean island.

A team of international experts discovered the remains of the cruiser Dmitrii Donskoi sunk 113 years ago - near the island of Ulleungdo, the UK Telegraph reports.

Two manned submersible craft filmed the wreck last Saturday 425 metres beneath the ocean after the team from Canada, South Korea and UK found it.

Footage showed major damage to the vessel suffered during its clash with Japanese battleships in May 1905.