Russian Railways to commit $32 billion to new high-speed railroad

Valentin Gapanovich, vice president of Russian Railways, said the company will launch an international tender in 2011 for the construction of Russia’s first high-speed railroad, according to Live Trading News. The railway will run between Moscow and St. Petersburg, covering the 660km distance in 2.5 hours, about twice as fast as the current express option.
 
Forty-two bullet trains will carry up to 14 million people annually once the project is completed within five to six years. The estimated cost is 1 trillion roubles (about $32 billion).
 
Russia’s first high-speech train service, the Sapsan, was launched in 2009. The line follows a similar route, but covers the distance in just under four hours.