According to ABC News, the project - called GLONASS - will provide the same services already available on GPS and will be around in a consumer product from next year.
It will cost Russia $385 million this year to develop GLONASS and the Empire will need to fire more satellites into orbit. The project is looking for private partners.
GLONASS, which stands for Global Navigation Satellite System, was started in the mid-1970s to give its army exact bearings around the world.
After the collapse of the Russian economy, the satellite system ran out of cash and was put on hold. Now it seems to have become a matter of imperial pride.
More here.