Sergei Ilyushenkov, managing director of the Tupolev joint-stock company, said the Tu-334, including its business-class version, would be assembled at the Kazan aircraft plant.
The project will be funded by a private investor.
The executive said the airplane, which seats up to 102 passengers, was unique and had "no match either in Russia or elsewhere."
He said the Tu-334 business version would cost around $43-44 million, compared with over $60 million for a Bombardier business jet.
Ilyushenkov also said the Tu-334's range could subsequently be increased to 6,400 km by using additional fuel tanks.
Work on the Tu-334 started in the early 1990s, but proceeded slowly due to funding problems. A prototype was displayed in 1995, but it was little more than a mock-up with few systems installed. A functional aircraft first flew in 1999.
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Image Galleries: Russia in World War I
Infographics: World War I, 1914-1918
The self-defense forces in Donbass likely do not have the capability to win. Kiev will simply outlast the republic’s fighters. Ukraine still has many mobilization resources. The most important thing for self-defense fighters is not to win the war but rather not to lose it.