The IL-76 is passe, we now have the modified IL-476. There were issues servicing the IL-76 earlier because it was out of production, but 476's put it back in the game.
But the real problem is unlike A330, while the IL-76 is definitely more expensive to maintain, it is also a far more militarized aircraft with toughness and flying capabilities a jetliner cannot fully emulate, the same as the C-17.
As for radar tech, we don't know. The Russians typically introduce more advanced tech to compensate for deficiencies within the same generation. For example, the SU was clearly behind the American MS radars on fighters, so they introduced PESA instead. They could resort to the same trick here as well.
There are two advantages to their AWACS though. Others do not have one in the same class. The Wedgetail, CAEW, GlobalEye etc are all on small or narrow-body aircraft, so all their radars are smaller or come with certain performance limitations. For example, the Wedgetail is based on an aircraft with a max payload of 20T, whereas IL-476 does 60T, as much as the A330, and the IL-476 has twice the range. Any attempt to create an equivalent based on the A330 is going to be an exercise in and of itself because NATO's downgrading its platform requirement to the Wedgetail.
Second is the IAF already operates the type, so it has a significant cost advantage. The IAF has approached the Russians to upgrade the older IL-76 with new engines, so a life extension to 2050 is also possible. And 6 of these would complement the Phalcons.