06 October 2018 Current Affairs:
On October 5, 2018, India and Russia after the annual summit concluded the contract for five S-400 ‘Triumf’ missile systems. The deal is one of the biggest defence deals in recent times. India Prime Minister Narendra Modi and Russian President Vladimir Putin participated in the summit. The announcement of the deal was made in a joint statement issued by both sides. The sides welcomed the conclusion of the contract for the supply of the S-400 long-range surface to air missile to India.
It is expected that the deliveries of S-400 will begin in 24 months, at the end of 2020. The agreement for the estimated $5.43 billion (Rs.40,300 crores) S-400 system was not referred to by either leader. India would pay about 15% in advance, likely through the rupee-rouble mechanism both countries use for trade in their own currencies.