Advance Payments Done, India to Get S-400s By April 2021

  • Our Bureau
  • 07:31 AM, September 9, 2019
  • 3376
Advance Payments Done, India to Get S-400s By April 2021

New Delhi has made advance payments and will receive all five of the ordered S-400 Triumf air defense systems by April of 2021.

The contract for the Russian systems was inked in October 2018 for $5.43 billion (over INR 38,000 crore).

"An advance payment [under the contract] has been made and everything will be supplied in strict compliance with the schedule. This is nearly 18-19 months," said Russian Deputy Prime Minister Yuri Borisov during an interview with local media on Sunday.

The two countries worked out a new financial mechanism to bypass US sanctions against Moscow, which prevents transferring of funds to accounts managed by Russian defense entities. Since the global currency movement happens through a US-controlled system known as SWIFT, almost all Russian defense firms have been shut out the dollar-denominated transfer system.

D. Bala Venkatesh Varma, Indian Ambassador to Russia said in December 2018 that the two countries were working to enhance the scope of Rupee-Ruble trade in the procurement of defense equipment.

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