Russia Cancels $800 Million Iran Air-Defense Contract
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Russia annulled a contract valued at about $800 million to supply an S-300 air-defense battery to Iran and is in talks on refunding an advance payment made by the Middle East country.
“We cancelled the contract,” Russian Technologies Corp. Chief Executive Officer Sergei Chemezov told reporters in Nicosia today. Iran “isn’t very happy” with the decision, “but we had no alternative.” The cancellation falls under a force majeure clause in the contract, he said.