Russia's navy, with 265 units in its active inventory assets as of March 2023, was ranked third in the world by the WDMMW.
But it said Russia has a lot of ageing units, including its only aircraft carrier, the Admiral Kuznetsov.
Many of it 58 submarines, 12 destroyers, and four cruisers are also showing their age.
It said Russia's median hull age is 30 years.
Russia, it said, had one frigate, 83 corvettes, 28 mine/countermine warfare ships, 27 offshore patrol vessels, and 21 amphibious assault vessels.
The WDMMW said "The mine warfare division is primarily aging Soviet Cold War-era instruments as is the bulk of the amphibious assault/support force."
It noted Russia is trying to modernize its navy, with a big number of units on order, at 82, and a "noticeable commitment" to new corvette warships, submarines, and mine/countermine warfare ships.
The WDMMW gave Russia a True Value Rating of 242.3 and said it has a "good" force balance.
Russia's military has seen some major equipment losses in its invasion of Ukraine, but its navy has not played a major role, keeping its fleet largely intact.
One significant loss was its the Moskva, its flagship in the Black Sea, which was taken out in a Ukrainian missile strike.