The body of Dmitry Popkov, editor of local paper Ton-M, was discovered yesterday in the yard of a house at Minusinsk, a small town some 440 kilometres south of the Siberian city of Krasnoyarsk.
The 42-year-old's body bore evidence of bullet wounds, news agency RIA Novosti quoted investigators as saying.
"The investigation is following various lines of enquiry regarding this killing, including that it may have been motivated by the victim's professional activities," a statement by investigators said.
Popkov is the second journalist to be killed in Russia this year following Nikolai Andrushenko, who died after an assault in Saint Petersburg which his colleagues say was linked to his attempts to expose corruption.
Reporters without Borders currently ranks Russia 148th in the world for press freedom -- behind Mexico, which the organisation judges the third most deadly country for journalists in the world -- after Syria and Afghanistan.
In press freedom terms, Russia also ranks behind Zimbabwe and Algeria.
Probably the most notorious case was that of opposition reporter and human rights campaigner Anna Politkovskaya, murdered in Moscow in October 2006.
Five men -- four of them from Chechnya, from where she had regularly reported, were found guilty of the killing and handed heavy jail terms, but whoever contracted her murder was never identified.
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