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11:31 AM, October 5, 2018
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Indian Prime Minister Narendra Modi alongwith Russian President Vladimir Putin

India and Russia have formally signed the $5.43 billion deal for the procurement of five S-400 Triumf missile defense system.

The deal was signed between Prime Minister Narendra Modi and Russian President Vladimir Putin Friday.

The Indian Cabinet Committee on Security (CCS) headed by the Prime Minister, Narendra Modi had given a go ahead for the deal last month. The US Countering America's Adversaries through Sanctions Act or CAATSA legislation, which deals primarily with countries having "significant transactions" with Russia, North Korea or Iran has not deterred India to buy S-400 from Moscow.

Upgrades in arms systems "including the S-400 air and missile defence system" would be a particular focus for CAATSA, a US State Department spokesperson was quoted as saying by PTI.

India will pay 15% of the contract amount in advance. The rest of the mount will be transferred depending on delivery terms. The first complex is to be delivered to the place of service in India within 24 months after the conclusion of the contract.

Modi and Putin also discussed the $ 2.2 billion deal for four new frigates at the top level but will sign the formal contract at a later date.

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