(Adds details, background)

WASHINGTON, May 27 (Reuters) - The head of the International Monetary Fund said on Wednesday he would seek board approval for the issuance of $10 billion in IMF bonds to Russia "as soon as possible."

It will be the first time that the global institution will use its authority to issue bonds to member countries. It is part of efforts by the Group of 20 member nations to raise additional resources for the IMF, as more countries seek its loans to cope with the financial crisis.

It is likely the bonds will be denominated in IMF Special Drawing Rights, the IMF's internal unit of account, and issued directly to central banks.

"I have received a communication from Prime Minister Putin informing me of the Russian Federation's intention," IMF Managing Director Dominique Strauss-Kahn said. " I am very gratified by the Russian Federation's intention to invest in IMF paper."

Russia is the first emerging market country to contribute to the IMF through a bond. Others like China, Brazil and India have expressed interest as a way of increasing their influence in the IMF.

The IMF bonds are attractive to emerging market economies because they would count as foreign exchange reserves and have no budgetary implications nor would it require legislative approval.

Making a loan to the IMF, unlike bonds, could not be counted as international reserves as they would not be liquid or easily converted into hard currencies.

(Reporting by Lesley Wroughton; Editing by Diane Craft)