India will pay Russia the equivalent of 5.2 billion dollars in Rubles as the price of S-400 missile defence systems, the contract for which was signed between the two countries earlier this month.
Russian Deputy Prime Minister Yuri Borisov was quoted as saying on Wednesday in Havana, Cuba, "the contract has been signed in Rubles," confirming earlier reports that Russia would switch to settlements in national currencies instead of the dollar with its partners in military and technical cooperation.
Minister Borisov is leading a Russian delegation to Cuba to negotiate defence and other deals between the two countries.
Under United States’ financial sanctions against Russian defence entities, no funds can be transferred to their accounts through the US banking system. Since the global currency movement happens through a US-controlled system known as SWIFT, almost all Russian defence industry and related firms have been shut out the dollar-denominated transfer system.
In addition to sanctions against Russia, the US also imposes secondary sanctions known as CAATSA (Countering American Adversaries Through Sanctions Act) against countries that buy Russian military equipment. While India has been left out of the secondary CAATSA sanctions, Washington most recently imposed sanctions against CAATSA against China for buying the S-400 system and Su-35 aircraft.
Under the contract New Delhi will get five regimental sets of S-400s for $5.2 billion. The first supplies will be carried out within two years.
India and Russia have formally signed the $5.43 billion deal for the procurement of five S-400 Triumf missile defense system
The Indian Cabinet Committee on Security (CCS) headed by the Prime Minister, Narendra Modi, on Wednesday approved the purchase of S-400 air defense missile systems from Moscow for an estimated $5.5 billion
The Trump administration imposed sanctions on the Chinese military yesterday for buying fighter jets and missile systems from Russia, in breach of a questionable US law called Countering American Adversaries Through Sanctions Act (CAATSA). This is the first ever sanctioning under CAATSA
India has rejected a United States delegation's demand that it should not buy the S-400 air defence system from Russia in view of Washington's Countering America's Adversaries Through Sanctions Act (CAATSA). "We have told the US Congress delegation [that visited India] that this is US law and not a UN law," The Tribune reported quoting Defense Minister Nirmala Sitharman Friday
Russia and India plan to enhance the scope of Rupee-Ruble trade in the procurement of defence equipment from Moscow, Russian Ambassador to India Nikolay Kudashev said. “The mechanism of transactions in national currencies with regard to defense deals between Moscow and New Delhi has already been implemented, and Russia is interested in its progressive development,”
Russia today detailed the delivery schedule of the S-400 Triumf Air Defence System to India under which the first of the five systems will arrive in the autumn of 2020 and the last by spring of 2023. Under the contract concluded in New Delhi on October 5 Russia is to supply to India five regimental sets of S-400 systems, each consisting of a regimental command center and two battalions of launchers (eight in each battalion), TASS said quoting a ‘military-diplomatic source
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