A passer-by found a body floating in Melbourne's Yarra River last night, sparking a desperate call to emergency services.

Police said the body was found near Southbank Boulevard just after 7.30pm.

The exact circumstances and cause of death are yet to be determined.

READ MORE: 'Catastrophe for Russia': What's next for Vladimir Putin?

The body is yet to be identified, police say.

Police will prepare a report for the coroner.

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