The Tu-160 "Blackjack" is very similar to the 216 ton American B-1B but never really lived up to its potential. Still, it is the most modern heavy bomber the Russians have. It's a 267 ton aircraft that can carry up to 40 tons of bombs and missiles for up to 12,000 kilometers. The aircraft can refuel in the air. It originally entered service in 1987, and was built mainly to deliver cruise missiles.
Noting the success of the B-1 in Afghanistan and Iraq with smart bombs, the Tu-160s were modified to do the same, in addition to retaining their cruise missile carrying capability. The upgrade to the Tu-160M standard will take about 18 months and cost $35 million per aircraft. The new model will have more reliable engines, some stealth capability (because of radar absorbing material on the exterior), and improved electronics (including the ability to use just about every aircraft missile in the Russian arsenal). Upgrades of the first three Tu-160s begin this year and all upgrades of all ten are to be completed by the end of the year.
The existing Tu-160s have proved quite capable. Back in 2010, two Tu-160s made a record 23 hour long, 18,000 kilometer flight around the periphery of Russia. This required two in-flight refuelings from Il-78 tankers. This feat was nothing new. Back in 2009, a Tu-160 completed a 21 hour flight. Although designed as a heavy bomber the Tu-160 has largely been used, in the last few years, as a long range reconnaissance aircraft. But even in that role the Tu-160 can still carry cruise missiles and other air-to-ground weapons. The air force generals believe the Tu-160 is a valuable asset and worth keeping in service. But obtaining spare parts from the post-Cold War Russian defense industries is very difficult. Many of the Cold War era firms are bankrupt and the survivors often don't produce the quality stuff they used to.
Five years ago Russia received its first new Tu-160 heavy bomber since the early 1990s. Production had been revived in 2006. The plan was to produce one new Tu-160 every 18 months, until another 14 were built. But this plan was put on hold in favor of upgrading the equipment on current aircraft.
The first Tu-160 was built over three decades ago, and 35 have been built so far, although most have been retired or scrapped. Production of the Tu-160 ceased in 1994, with several of them partially completed. Apparently, the first of the recent "new" aircraft is one of those left uncompleted in the 1990s. Lots of Russian weapons factories were shut down after the Soviet Union collapsed in 1991. That occurred, in part, because the Soviet Union was, literally, bankrupt. The defense budget was cut by more than two-thirds and weapons production got hurt the most. The only plants that kept operating were those producing items for export. But many of the shuttered factories were preserved and now many of them are in operation again, picking up where they left off. But the revived firms do not have the pick of design, management, and skilled worker talent. All the best people are working at more lucrative commercial firms.