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Russia's answer to the iPhone will go on sale in 2018 for a starting price of only $130, the country's state news agency TASS has reported.
Ruselectronics, part of state-owned Rostec, will produce the Russian answer to the iPhone, the head of the electronics company, Igor Kozlov, said. He told reporters the phone would be comparable in quality with the Apple smartphone - but far cheaper.
"In 2018, we will have our own, domestic iPhone, which will cost only about $130," Kozlov said on Thursday.
Rostec was founded in 2007 to further Russia's high-tech industry. Its general director is appointed by the Russian president.
Neither Rostec nor Apple were available for immediate comment when contacted by CNBC.
You can read the original TASS article here.