Partially-oxidized di-axially ligated Ruthenium(III) phthalocyanine crystalline salts are deemed to be highly conducting molecular solids with giant negative magnetoresistance. Solubility as a prerequisite for crystallization has always been a challenge especially in Ruthenium complexes. This paper presents the synthesis of highly soluble potassium dithiocyanato(phthalocyaninato(-2))ruthenium(III) salt from the poorly soluble dibromo(phthalocyaninato(-1))ruthenium(III) radical complex. The synthesis involves the reduction of the Phthalocyanine ligand and substitution of axial ligands utilizing potassium thiocyanide to afford the product.