SOCHI, Russia (Reuters) - Russian President Vladimir Putin has dismissed Economy Minister Alexei Ulyukayev after losing trust in him, Kremlin spokesman Dmitry Peskov said on Tuesday.

Ulyukayev was detained overnight and charged with extorting a $2 million bribe from Rosneft, Russia's biggest oil company.

Peskov told reporters that Ulyukayev's arrest did not concern a $5 billion deal for Rosneft to purchase a stake in mid-sized oil producer Bashneft.

(Reporting by Denis Pinchuk; Writing by Jack Stubbs; Editing by Mark Heinrich)