Russian Railways said on Tuesday that it plans to invest 120 billion rubles ($1.53 billion) in 2026 for building the country's first high-speed railway.

The state-owned company published the plan on its Telegram channel. The railway between Moscow and St. Petersburg is designed to be a 700-kilometer-long specialized electrified double-track line for trains operating at speeds between 200 and 400 kilometers per hour.

The high-speed railway is expected to shorten the intercity travel time to 2 hours and 15 minutes.