Russia just released its first smartphone. The new YotaPhone will have an LCD screen on one side and an electronic paper display on the other side. Russia's first smartphone looks like ordinary ink on paper.

Russia's first smartphone went on sale today in Russia and other European countries.  The Yotaphone, which was developed by the Russian start-up, Yota Devices, is a dual-screen device with that's part LCD-color display and part Amazon Kindle.

Russia's smartphone is a little less expensive than its main competitors Apple iPhone 5 and the Samsung Galaxy S4. The Yotaphone will cost about $600 in Russia and $675 in Europe.

The YotaPhone operates on an Android operating system. The handset market is mainly dominated by Asian and U.S. makers. Nokia is the largest cellphone maker in Europe. The company is selling its cellphone operations to Microsoft in a deal worth about $7.2 billion. Finnish start-up Jolla just began selling a handset aimed at a global audience.

Yota Devices CEO Vladislav Martynov said the new dual screen phone is "a revolution in telephone architecture." He also says it conserves battery life.  By using both sides, Yotaphone can show information even when the phone isn't being used. He said "Before Yotaphone, this space was useless."

In a report last month, research company IDC said the smartphone industry is on the rise in Russia and other developing countries. Two out of every five phones sold in the second quarter have been a smartphone.

Michael Tuch, CEO of Svyaznoy, a mobile retailer is contracted to sell the Yotaphone in Russia, said "I'm sure the people whom we call the trendsetters will absolutely love the idea. The first device is a good way of showing something new. What we're looking for are actually the next devices, which I'm sure Yota has in their pockets."