"We confirm that the president has not yet made a decision on the candidate for the post of prime minister," a Kremlin spokesman said by telephone.

In an unusual sign of indecision, Yeltsin has now spent more than 24 hours weighing up his options in a political and economic crisis that worsens by the hour and has raised fears of social upheaval if he takes the wrong decision.

Yeltsin must either renominate acting prime minister Viktor Chernomyrdin, who has twice been rejected by the state Duma - lower house of parliament, or propose a compromise candidate who would be more acceptable to his Communist foes.

A third rejection would force Yeltsin to dissolve the Duma and call a parliamentary election, prolonging divisions in the upper echelons of power at a time when urgent measures and solidarity are needed to pull Russia out of economic crisis.

The Kremlin declined to give any further information on Yeltsin's plans or whereabouts. But Itar-Tass news agency quoted the Kremlin press service as saying a decision was expected.

In the absence of a confirmed prime minister and government, the Kremlin announced that the presidential administration and the president's Security Council had drafted an emergency economic plan.

It gave no details of the unusual move, and it was not clear whether the plan was in line with measures set out by Chernomyrdin and his acting ministers on Tuesday to raise tax revenue and stabilise the rouble, which stands at nearly 21 to the dollar compared with just six to the dollar last month.

Yeltsin, his authority weakened by soaring prices and the plunging rouble, has few options. He can gamble on Communist deputies reluctantly backing Chernomyrdin to avoid losing their Duma places, or go for a compromise candidate they would accept.

His options are receding fast. Alexander Lebed, a possible alternative choice, ruled himself out of the running for the premiership.

But, the former Kremlin security adviser and ex-paratroop commander hinted at higher ambitions by saying he would "take responsibility" for Russia if the crisis deepened.

Lebed, charismatic governor of the vast Krasnoyarsk region in Siberia, flew to Moscow unexpectedly on Tuesday evening for consultations with other regional leaders.

Asked if he was a candidate to become prime minister, he replied in his trademark gruff voice: "No."

He said later he would not meet Yeltsin on Wednesday.

With millions of people impoverished by a devalued currency and prices soaring as the harsh Russian winter looms, the stakes in the search for a government are high.

As the rouble has plunged and imports have dried up, people have begun hoarding in panic. Some regional leaders have taken measures to try to limit price rises.

The crisis and the possibility of social upheaval have prompted concern beyond Russia's borders, with Britain inviting senior officials from the Group of Seven industrialised nations to discuss the matter in London, probably next week.

Communist party leader Gennady Zyuganov, who has led opposition to the president and wants him to quit, said Yeltsin could not rely on a cash-starved military to help him if a political confrontation turned nasty.

"Many have not been paid since April, I mean the military. Therefore, they will think a hundred times before deciding what command to obey," Zyuganov told reporters.

He said any attempt by Yeltsin to avoid an election and rule by decree after dissolving parliament would be risky.

He blames Yeltsin and Chernomyrdin, prime minister for five years until March, for Russia's economic collapse and has proposed five alternative candidates to be prime minister.

But most of the politicians the Communists have suggested for the premiership deny wanting the job.

They include Moscow mayor Yuri Luzhkov, acting foreign minister Yevgeny Primakov, a former spymaster, and Yegor Stroyev, chairman of the upper house of parliament.

There was no comment from another possible candidate, outgoing trade and industry minister Yuri Maslyukov, a Communist.