With Russian-US relations at their lowest point in years, 40 of Vladimir Putin's finest fighting vessels have paraded through waters near St Petersburg.

Putin inspected Russia's annual Navy Day parade on Sunday from his presidential boat, and afterwards touted the strength of his military.

Among the Russian fleet was a submarine nicknamed "the carrier killer", designed to attack and sink aircraft carriers.

A new stealth frigate and a spy vessel, aimed at countering US defence missile technology were also among the 40-strong armada.

CNN reporter Fred Pleitgen said the message from Putin to the US and its allies was clear.

"Even though Russia's military might not be as big and as well-funded as militaries in the West, it can still be a threat to America and its NATO's allies," he said.

Despite the public flexing of military muscle, 12 of Russia's biggest ships did not take part in the parade.

Russia's new stealth frigate, the Admiral Gorshkov, and 11 other vessels were too big to sail into the Neva River.

Those large warships were instead docked at Kronshtadt, a St Petersburg seaport.

The Admiral Gorshkov is one of six 4,500-ton stealth frigates to be introduced into the Russian navy by 2025, according to Russia's news agency Tass.

Defence analysts claim the well-armed Russian stealth frigates will have a considerable advantage over their US counterparts.

In an address to sailors and the public, Putin said dozens of Russian submarines and warships patrol the world's oceans every day to protect the country's interests.

"The Russian fleet successfully resolves the tasks of the country's defence capability, makes a significant contribution to the fight against international terrorism and plays an important role in ensuring strategic parity," Putin said.

Following Putin's July meeting with US President Donald Trump, Russia's military announced it was testing an array of new nuclear and other weapons.

The technology included a high-powered laser weapon system and a nuclear-powered cruise missile with "unlimited" range.

The Defence Ministry said it has tested a Burevestnik cruise missile on the ground and is now readying flight tests.

Military officials also said they were practising use of the Peresvet high-powered laser weapon system, and launching trials of the Poseidon underwater nuclear drone.