MOSCOW - Yury Borisov, head of Russia's state space corporation Roscosmos, has approved the schedule for the creation of a Russian orbital station by 2033, the corporation said in a press release Tuesday.

The schedule includes the design and construction of the space modules, flight tests of a new-generation manned spaceship, the creation of launch vehicles and space infrastructure on Earth, and a timetable for the work of scientific institutes supporting the project, the statement said.

A total of 608.9 billion rubles (around $6.9 billion) has been allocated to finance the project, said Russia's state space corporation Roscosmos 

The document was also signed by the general directors of 19 enterprises which are involved in the construction of the new orbital station.

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The scientific and energy module will be launched first in 2027, and three other core modules, namely the universal nodal, gateway and base modules, will be launched by 2030. Two other target modules are scheduled to be launched by 2033.

A total of 608.9 billion rubles (around $6.9 billion) has been allocated to finance the project, Roscosmos said.

The corporation further said the creation of the Russian orbital station would ensure the continuity of Russia's space program and address issues of national security and scientific and technological development. The station would also serve as a platform for testing space technologies, it noted.