Specialists at the Rybichy Meteorological Station near Cape Nemetsky, 1,500 kilometers north of Moscow, discovered the mystery animal Monday, the news agency said.
Officials from the Murmansk Marine Biology Institute expressed skepticism at the reports. However, they said they are sending a team of scientists to examine and attempt to identify the animal Wednesday.
Itar-Tass has dubbed the latest discovery the "Russian Nessy," a reference to the fabled Loch Ness monster in Scotland.
The body of the washed-up creature, approximately 12 meters long and 1.5 meters wide, is covered in either feathers or wool and "outwardly resembles a dinosaur," Itar-Tass said.
Though the body is beginning to decay, it appears to contain a fluid resembling blood, the agency said.
Itar-Tass has in the past reported on flying saucers and sightings of Bigfoot-type creatures.
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