The Severodvinsk "will be operational in 2010," Ria Novosti said citing naval official Nicolas Kalisstratov.
Named after the White Sea port which houses the main Russian nuclear submarine base, the Severodvinsk is 119 metres long (390 feet) and can navigate at a depth of 600 metres.
It "will be able to perform every mission that could be asked of it by the state: attacking different targets when underwater, on the surface or (by) land," according to a naval admiral also quoted.