The project could be worth $22.6 billion.
The high-speed railway connecting Moscow and St. Petersburg could be extended in future to Helsinki, according to Vice Premier of Russia Maxim Akimov as quoted by TASS.
He said such an option is being discussed, but to make a decision, negotiations should be held with partners.
Earlier this year, Russian Railways said preparations were underway to start developing the railway design.
A preliminary estimate of the project costs 1.5 trillion rubles ($22.6 billion).