MOSCOW, December 29. /TASS/. Russian Railways will allocate 120 billion rubles ($1.5 bln) from its investment program for the Moscow-St. Petersburg high-speed rail project in 2026, the company announced.

"120 billion rubles have been allocated for the high-speed rail project, and 62.2 billion rubles ($795 mln) for trunk infrastructure development projects," the statement reads.

The project to build Russia's first high-speed rail line between Moscow and St. Petersburg is being implemented by the order of Russian President Vladimir Putin as part of the "Efficient Transport System" national project.

The approximately 700-kilometer-long railway will pass through six regions of the country, home to 30 million people. Annual passenger traffic between the cities is expected to increase to 23 million by 2030.

According to a Russian government decree, the design and construction of the Moscow-St. Petersburg high-speed railway is scheduled for 2024-2028, with commissioning scheduled for 2028.