The supersonic aircraft - fitted with deadly new generation missiles - is a “deep modernisation” of the Tupolev Tu-22M3, which has been used extensively to pound rebels in Syria.
The upgrading means the bomber can be navigated up to eight times more accurately, and will target missiles up to ten times more precisely.
It comes as relations between Russia and the West are at an all-time low since the Cold War.
An official said: ”We intend to take the Tu-22M3M to the air in August.”
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Some 30 of Russia’s existing 100-plus fleet of this type of bomber -known to NATO as Backfire-C - will be modernised by 2020, with the rest following later, said Alexander Konyukhov, general director of plane-maker Tupolev.
The plane will reach an altitude of 14 miles.
Viktor Bondarev, the head of the Russian upper house's Defence and Security Committee, said: “All radio-electronic equipment is being modernised.
“The most important thing is that the planes are being adapted for carrying modern Kh-32 heavy supersonic missiles.”
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We intend to take the Tu-22M3M to the air in August
The Kh-32 is an air-to-surface missile, the heavily upgraded version of the Kh-22 missile.
The Kh-32 has an operational range of up to 620 miles and can reach a speed of up to 3,100 mph.
It can fly at an altitude of 25 miles.
The Tu-22M3M long range bomber will be able to carry six more advanced Kh-50 missiles.
Bondarov said: "This bomber, alongside Tu-160 and Tu-95, ensures the superiority of Russian strategic long-range aviation.”
The Tu-22M3 were actively used in Russian airstrikes against ISIL in Syria, taking off from Russia and flying over Iran and Iraq to hit targets.
“The Tu-22M3 long-range bombers proved highly efficient in Syria,” said Bondarev, formerly the command in chief of Russian Aerospace Forces.
The Tu-22s originally came into service in the Cold War in 1972.