Russian Transport Ministry targeting 2028 for launch of HSR between Moscow and St. Petersburg

ST. PETERSBURG. August 24 (Interfax) - The tentative date for completion of a high-speed rail (HSR) link between Moscow and St. Petersburg is 2028, Deputy Transport Minister Valentin Ivanov told journalists on the sidelines of the PRO//Dvizhenie.Expo international exhibition of railway equipment and technologies in St. Petersburg.

"We are focused on the completion (of construction) and the launch of traffic in 2028," he said, noting that construction is already underway, with railway exits for high-speed rail sections from Moscow being created.

Speaking about construction costs, Ivanov confirmed the previously announced figure of 1.7 trillion rubles.

The cost is due to be revised in the near future, with a working group to be formed to discuss the financial and economic feasibility of the project. "The key rate has now changed, which will seriously affect the financial model," the deputy minister said.

Sberbank is ready to participate in financing the project, Ivanov said. "They realize that this project has a payoff. They are ready to invest in this project," he said.

The working group being set up will soon analyze the issues of financing the project, including in terms of state support and tapping the resources of the National Wealth Fund, the deputy minister also said.