Russian researchers are working on high-speed transportation technologies similar to the Hyperloop system, Russian Transport Minister Maxim Sokolov said Friday.

"Our scientists are also working on the creation of such projects [as the Hyperloop]. Initial research is ongoing at St. Petersburg State Transport University. Two years ago, I was shown a prototype — the track traveled by a railway container carried by magnetic levitation is not very long yet, but such technological concepts have already been tried and tested by Russian specialists," Sokolov said.

He added that Russia clearly understood that technologies that could provide people with high-speed transport services had significant potential.

The Hyperloop concept was proposed by prominent businessman and engineer Elon Musk and subsequently was made publicly available. The concept envisages the use of capsules transported via reduced-pressure tubes, which would make it possible to reach speeds higher than that of high-speed trains and planes.

On May 12, a Los Angeles-based startup company called Hyperloop One conducted the first test of a high-speed transport propulsion system.