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Russia and France cancel $1.3 billion warship deal
Source: CNNMoney
Russia and France cancel $1.3 billion warship deal
By Virginia Harrison
CNNMoney (London) August 6, 2015: 10:24 AM ET
France won't be sending warships to Russia.
The two countries have terminated a contract worth 1.2 billion euros ($1.3 billion) for France to supply two Mistral-class amphibious assault ships to Russia.
The deal was signed in 2011 but France faced pressure to withdraw from the arrangement after Russia annexed Crimea from Ukraine. The French government suspended delivery of the ships last year.
Russian President Vladimir Putin and French President Francois Hollande said in a joint statement that the parties had reached a "mutually acceptable agreement."
Russia will be reimbursed for money already paid under the contract, and France will retain ownership of the helicopter carriers. Russian media reported that more than one billion euros had already been deposited in a Russian bank account by France.
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By Virginia Harrison
CNNMoney (London) August 6, 2015: 10:24 AM ET
France won't be sending warships to Russia.
The two countries have terminated a contract worth 1.2 billion euros ($1.3 billion) for France to supply two Mistral-class amphibious assault ships to Russia.
The deal was signed in 2011 but France faced pressure to withdraw from the arrangement after Russia annexed Crimea from Ukraine. The French government suspended delivery of the ships last year.
Russian President Vladimir Putin and French President Francois Hollande said in a joint statement that the parties had reached a "mutually acceptable agreement."
Russia will be reimbursed for money already paid under the contract, and France will retain ownership of the helicopter carriers. Russian media reported that more than one billion euros had already been deposited in a Russian bank account by France.
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Read more: http://money.cnn.com/2015/08/06/news/russia-france-warships/
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