Nokia Lumia 620, the latest smartphone offering from Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V), has gone on sale in Russia.

The new Lumia 620 handset is the most affordable Windows-8 powered smartphone produced thus far, by the Finnish mobile phone company.

Nokia Lumia 620

The phone is retailing for 11990 RUB – about $399 dollars or €300.

Currently available for purchase via the official Russian Nokia store, the latest handset is available in a variety of colours including white, black, yellow, green, and magenta.

With the device now officially on sale in Russia, European and Asian markets can expect Nokia’s Lumia 620 to become available in the next few weeks.

However, consumers who don’t want to wait for the official release dates in other parts of the world can still order the phone through the Russian website – although delivery may take up to two weeks.

The Lumia 620 is a more affordable alternative to the 920, its expected that sales of the 620 will surpass those of the 920 in the region.

Specifications of the Nokia Lumia 620 includes a dimension of 115.4 x 61.1 x 11 mm, 3.8 inch display,  display resolution of 480 x 800, a weight of 127 grams, 512mb of RAM, a dual core 1 GHz Krait Qualcomm Snapdragon S4, and talk time of 14 hours. The device runs on Windows Phone 8.

The Nokia Lumia series of phones includes the 720, 820, and the 920 handset. The 920 was released in early November 2012 and proved to be an unexpected hit for the struggling phone company.

Earlier this month, Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V)’s management was coerced to admit that they were aware of supply problems with the phone, and were “working with suppliers and operators to work through the situation.”

Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) also announced an upcoming successor to the 920, codenamed “cat walk,” which is due for release in 2013.

Despite the release of the 620 in Russia, Nokia’s shares were down 2.87 percent, to $4.40.