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12:35 PM, December 29, 2017
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Turkey, Russia Sign Loan Agreement for S-400 Missile System Sale
Turkey, Russia Sign Loan Agreement for S-400 Missile System Sale

Turkey and Russia have signed a loan agreement for the purchase of S-400 Triumf anti-aircraft weapon systems, TASS reports, citing Haberturk TV channel announcement on Friday.

According to Kommersant daily report on December 27, Turkey will pay 45 percent of the cost up front, with Russia providing loans to cover the remaining 55 percent of the deal worth US$2.5 Billion.

Earlier this year, Turkish President Erdogan had confirmed that his country has paid an advance for the missile defence system, kicking off the acquisition process.

Turkey will have to pay $1.125 Billion as cash for the S-400 purchase (45 per cent of $2.5 billion).

Russia will supply Turkey with four S-400 surface-to-air missile systems under the deal that is almost finalised, General Director of state corporation Rostec Sergey Chemezov said. Moscow expects to begin the first deliveries in March 2020, he said.

S-400 Triumf is a long-range anti-aircraft missile system, adopted in service in 2007. It is intended for the destruction of aviation, cruise and ballistic missiles, including medium range, and can be used against ground targets.

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