The head of Ukrainian defense company Fire Point, Denys Shtilerman, says the development of the company's new ballistic missile is in its final stage, with engine testing and flight trials still to be completed before it can be deployed.

Shtilerman said that the company hopes to begin testing the missile later this year, The Caspian Post reports via kiev-news.

He said the missile could eventually be used against targets in Russia, including Moscow and military-industrial facilities.

His comments come amid continued missile and drone exchanges between Ukraine and Russia as both sides intensify long-range strikes.

Russian authorities previously said that air defense systems intercepted a Ukrainian FP-9 missile in the Moscow region on July 1. Russia also stated that its forces carried out retaliatory strikes the following day against the Radionix defense plant, which Moscow claimed produced guidance systems for Ukrainian missiles and Fire Point-related defense projects.