Unveiled last year by Russian firm Yota Devices, the phone will be available for purchase in Russia this week and will be offered in more than 20 markets in Europe and the Middle East by the end of the first quarter of 2014, Mashable reported Wednesday.
On one side of the dual-screen unit is a 4.3-inch standard 720x1280 color LCD; on the other, an e-ink display with a resolution of 360x640.
The LCD screen is intended for watching videos, browsing web pages and running apps, while the e-ink screen is meant for "always-on" information like maps, notifications and calendar notes.
Information can be shared between screens.
Color displays are one of the biggest battery drainers on a smartphone, while e-ink displays, like those used on e-readers, need very little energy.
In addition to the usual smartphone apps running on the color display, Yota Devices head Vladislav Martynov has said the company plans to offer specific apps designed for the e-paper screen, including a news reader and organizer app.
The phone will carry a price of around $680, Mashable said.