The 110-seat Superjet 100 has been developed by state-run business Sukhoi, in conjunction with Western partners including US giant Boeing.
Aiming to rival similar-sized models from Brazil's Embraer and Canada's Bombardier, the plane will undergo test flights later this year.
Sukhoi aims to make up to six planes a month for foreign airlines by 2010.
Diversification plans
"The first plane of the new Russia is of great importance, a priority project, because the domestic market is not enough for a world economy," said Russia's First Deputy Prime Minister Sergei Ivanov.
Analysts say that if the plane is a commercial success, it would be a major realisation of Russian ambitions to diversify away from its current reliance upon oil and gas exports.
Italy's Alenia, and French groups Snecma and Thales, are also involved in the $1bn (£500m) project.
The first plane was unveiled at a factory in Komsomolsk-on-Amur in Russia's Far East.
Russian flag-carrier Aeroflot has already placed an order for 15 Superjets, at a cost of $400m.
There are 73 orders in total, with the others coming mainly from Russian regional carriers, but Italian regional airline Itali also plans to buy 10 planes.
The Superjet retails for $28m, which is 25% lower than the rival Embraer 190.
