It was developed by A. D. Borisov, V. N. Levchenko and A. Tyshlykov at TsNIITochMash (Central Institute for Precision Machine Building) in the early 1990s and was manufactured in 1994.

Heavily based on the AS Val, but lacking an integral suppressor, it has a newly designed folding stock and charging handle for ease of concealed carry.

After the adoption of the SR-3 Vikhr, the FSB established new operational requirements with a goal to combine the qualities of the SR-3, AS Val and VSS Vintorez, resulting in a new variant designated as the SR-3M (СР-3М).

The redesigned charging handle, made in the form of dual sliders above the forearm, and must be grasped by thumb and index finger and then retracted to load the weapon.

It has improved polymer furniture, a more convenient charging handle, an AS-style controls (safety lever, semi-automatic/full automatic selector switch is inside the trigger guard), an AS-style side-folding stock, a redesigned handguard with a folding foregrip and where the rear sight is now located, a specially developed quick-detachable suppressor, a Warsaw Pact rail mount, and a new magazine with a 30-round capacity which provides a more reliable feeding during automatic fire whilst still compatible with the 10- and 20-round magazines from the SR-3, AS Val and the VSS Vintorez.