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10:46 AM, August 26, 2015
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Mistral Class Warship (Image: Stephane Mahe/Reuters)

France on Tuesday has transferred more than 1 billion euros to Russia in compensation for non-delivery of Mistral-class amphibious assault ships.

“All financial issues concerning the Mistral helicopter-carriers, which France refused to deliver to Russia, have now been settled in full,” Interfax quoted a military-diplomatic source as saying on Tuesday.

"The money has been transferred to the Russian side in full. It is more than one billion euro. The compensation includes advance payments made for the construction of the carriers and cost of training the crews and installation of Russian Equipment on the ships,” he said.

Russian President Vladimir Putin and French President Francois Hollande signed an agreement on August 6 to terminate the 1.12 billion Euro contract signed in June 2011. France was expected to deliver the first warship Vladivostok in 2014 and the second ship Sevastopol in the latter half of 2015. Paris refused to deliver them to Russia citing Ukraine crisis.

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