Around 80 people were rescued on the wide section of the river in Tatarstan, 750km (450 miles) east of Moscow. Some 50 bodies have been found.
A 50-strong team of divers had been scouring the sunken boat in the murky river for survivors, and seen about 50 bodies - most of them children - trapped in a recreation room on the sunken vessel, emergency ministry officials told Reuters.
The divers have been tapping on the hull in the hope of getting a response fom a trapped survivor, but have received no response. They have seen many dead bodies trapped in the boat's holds and the restaurants.
The Bulgaria was caught in a storm on Sunday at about 1400 (1000 GMT) while sailing from Bolgary to the regional capital, Kazan, and sank within minutes at one of the widest points of the river.
The bad weather, mechanical failure on the 55-year-old vessel and overcrowding have all been cited as possible reasons why the boat sank.
Even before the boat had set sail on Sunday, one of its two engines had malfunctioned and the vessel had been listing, investigators say.
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