Published: Sat, October 06, 2018
Global News | By Stacy Ballard

Russian Federation and India sign R73 billion air-defense deal

Russian Federation and India sign R73 billion air-defense deal

Huge investment opportunities are there in areas including metro rail construction, Sagarmala (a port-led development project), roads, Modi said while addressing businesses of both the countries at India-Russia Business Summit in the presence of Russian President Vladimir Putin.

Putin added that Russian Federation will contribute to the implementation of "Make in India" initiative.

The joint statement also said that the two sides agreed to converge their efforts to eradicate terrorist networks, their sources of financing, arms and fighters supply channels, to counter terrorist ideology, propaganda and recruitment.

The threat of U.S. sanctions against buyers of Russian weapons - imposed most recently on China - is not expected to affect the Indian contract, which covers five regiments worth, Putin's foreign affairs aide Yuri Ushakov said.

Pacts were also inked in the fields of space, nuclear energy, railways and space.

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Indian Defence Minister Mrs. Nirmala Sitharaman had earlier said: "Negotiation on S-400 air defence systems has been on for a long while and it is at a stage where it can be finalised".

NEW DELHI: India agreed a deal with Russian Federation to buy S-400 surface to air missile systems on Friday, the two sides said, as New Delhi disregarded United States warnings that such a purchase could trigger sanctions under USA law.

"Our countries have mutual benefits in supporting struggle against terrorism, Afghanistan and Indo-Pacific events, climate change, organisations like SCO, BRICS, G20 and ASEAN".

India has also been irked by Trump's decision to exit from the 2015 nuclear deal between major powers and Iran, a major supplier of oil to the fast-growing Indian economy. "We have agreed to continue cooperation to these worldwide organisations", PM added.

India, walking a tightrope between Russian Federation and the United States while keeping a wary eye on China, is expected to seek sanctions waivers but President Donald Trump's administration has signalled this is unlikely.

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The deal was signed despite a warning by the United States that it would impose sanctions on India if the agreement went through.

"We have set a target of increasing trade turnover to $30 billion. and increasing investments to $15 billion by 2025", Putin said during a press conference with Modi on Friday.

Russian President Vladimir Putin who arrived in New Delhi on Thursday is accompanied by a high-level delegation comprising Deputy Prime Minister Yuri Borisov, Foreign Minister Sergey Lavrov and Trade and Industry Minister Denis Manturov among others during his two-day visit.

He said both nations will continue to work together to eliminate any barriers that halt the movement of goods and services. "Today we have taken decisions that will make our long term relations even stronger".

The U.S. has already imposed sanctions on China after that nation bought the same type of missile system from Russian Federation in December and January.

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