A new Russian nuclear-powered submarine fleet, capable of launching ICBMs armed with hypersonic weapons, will be ready for war by 2024, according to a person with firsthand knowledge of a U.S. intelligence report. In order to finance eight of the submarines, Moscow cut funding for other military modernization programs, such as the nation's surface vessel fleet, according to the person, who spoke to CNBC on the condition of anonymity. The Borei II, also designated Borei-A, is a fourth-generation nuclear-powered ballistic missile submarine that has the potential to launch 200 nuclear or hypersonic weapons at one time.