The missile corvette of Project 12411 is a further development of the Molniya (Lightning) family corvettes, developed for export. It differs from its predecessor (Project 1241RE corvettes) in that the outdated P-20 missile system (SS-N-2 Styx) has been replaced by the Moskit (SS-N-22 Sunburn) missile system which fires supersonic antiship missiles, and that the new multirole radar system has been installed. With its comparatively inconsiderable displacement of 550 tons, "Molniya" is equipped with four Moskit supersonic anti-vessel missiles.

The Project 12411 Molniya missile corvette is intended to engage combatant ships, amphibious ships, and other vessels at open sea. It has the variety of weapons with surface-to-surface and surface-to-air capabilities. The unique radar system covers the missile entire effective range, tracing concurrently 15 targets, and assigns six designated targets under intensive EW environment. The gun fire control system detects air and surface targets, performs automatic tracking, and computes firing data. The radar which is used to detect surface targets provides fire control system with designation data for five targets at a time. The corvette is also fitted with active radar jammers and IFF radar. The missile corvette is equipped with the full set of navigation and communication equipment, powerful gas turbine power plant, air-conditioning and ventilation systems to provide efficient operation in any climatic conditions.

Besides strike missiles, the corvette has anti-aircraft missile weapons and automatic artillery installations. It has 12 portable anti-aircraft missile complexes Igla meant to hit air targets in conditions of natural visibility. The on-board rapid-fire 76mm and 30mm artillery guns are meant to destroy air, surface and coastal targets. They can also be used to liquidate floating mines. "Molniya" also has two launchers and combined-interference shells to protect targets from anti-boat weapons with different guidance systems. The boat's speed is up to 40 knots, sailing range up to 1,600 miles, crew 40 members.

Guided missile corvette R-334 laid down 04 January 1988, Sredne-Nevskiy Shipyard, Pontonny (yard No.211), launched 28 July 1989, commissioned 30 December 1989.

29 October 1998 renamed to Ivanovets.

On the night of 01 February 2024, the Ivanovets guided missile corvette, which was on an external raid near the Donuzlav Lake, was attacked by several Ukrainian unmanned naval drones. Having received severe damage to the hull as a result of the attack, the missile boat sank.