According to the US Geological Survey, the quake hit at a 11.7km depth in the Pacific some 200km from Nikolskoe, a village located on the Bering Island off the coast of the Kamchatka Peninsula.
The quake followed several other aftershocks ranging to 1.2 to a couple above 5.0 magnitudes before simmering down.
The earthquake has triggered Tsunami warnings for Russia.
The US Pacific Tsunami Warning Center said "hazardous tsunami waves were possible for coasts within 300 km (186 miles) of the earthquake epicentre".
The authorities have asked the locals to stay away from the coastal best until more information is issued.
The largest event was magnitude 7.8 earthquake that occurred December 17, 1929.
The quake was initially reported as a magnitude 7.7 before being revised down to 7.4 and finally upgraded to 7.8, a major quake normally capable of causing widespread and heavy damage when striking on or near land. This includes part of the eastern Russia coastline.
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