Russia and India finally sign VVER-1000 deal

30 June 1998

Recent nuclear test detonations notwithstanding, Russia is reported to have finally signed a deal with India to supply two VVER-1000 reactors to be sited at Koodankulam.

Earlier, Russian President Boris Yeltsin had criticised India for carrying out the underground nuclear weapons tests. “India let us down”, he said. Kremlin press spokesman Sergei Yastrzhemsky toughened that statement later, telling journalists that India’s decision was a major setback for hopes of global non-proliferation.

Just before the tests, Russia had agreed long-term credits to India for the purchase of the two Russian VVER-1000s. The credit will cover 85% of the work to be done by Russia on the project. The remainder of the $3 billion needed for construction will be provided by India. Under the agreement, 25% of the credit will be repaid with Indian goods and the rest returned in dollars a year after construction is completed.

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