oil wealth, programs are in placed to rectify the sitution.
Here is a recent article discussing some of those plans:
Russia's Navy gets ambitious 14:04 | 31/ 07/ 2007
MOSCOW. (Nikita Petrov for RIA Novosti) - The Russian Navy will become the world's second largest in 20 years' time, said its commander-in-chief, Admiral Vladimir Masorin, speaking ahead of Navy Day.
He said the navy's core would consist of the newest strategic nuclear-powered submarines and six squadrons of aircraft carriers.
For Russia's navy, this will be its third modernization program, said the admiral. The previous two, although giving it a boost, were never completed. Now, said the admiral, there is such a chance.
Recently approved, a rearmament program until 2015 for the first time in Soviet and Russian history puts the development of the navy on an equal footing with strategic nuclear forces. Out of 4.9 trillion rubles ($192.16 billion) allocated for military rearmament, 25% will go into building new ships.
"We are already building practically as many ships as we did in Soviet times," First Deputy Prime Minister Sergei Ivanov said during a visit to Severodvinsk. "The problem now is not lack of money, but how to optimize production so that the navy can get new ships three, not five, years after laying them down."
Ivanov said Russia has a strategy for shipbuilding until 2030 under which warship production is to increase by 50%. For the first time in 15 years, a series of 40 frigates has been laid down, with no less than ten each for the Northern and Baltic fleets. In February 2006, after a 16-year break, the frigate Admiral Sergei Gorshkov had its keel laid down, a surface ship intended for long-range operations in distant seas. The navy has plans for about 20 such ships.
Admiral Vladimir Kuroyedov, a former commander of the navy, outlined their concept and the strategy for naval development they are to fit into: "We should abandon the existing multitude of ship and aircraft classes. Compact-sized fighting blocks going to make up ships should increase their fire power and reduce research and development costs."
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http://en.rian.ru/analysis/20070731/70008268.html