The Soviets were head over heels in love with hydrofoils in the 60's. The history mentions the hull was built as a patrol and gun boat so it is starting to makes sense.
Hydrofoils have a fairly low drag profile so I can see it being pretty speedy. The GAZ diesel was a two stroke so it would have a power weight ratio albeit at heavy fuel consumption. All Soviet power plants were fuel inefficient. Interestingly, GAZ was originally a joint venture between Ford and the Soviets.
Hydrofoils wee a big deal in the US for a while too. Except for the America's cup boats I don't hear much about them any longer. They achieved some amazing speeds in sailboats but haven't caught on for some reason.
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