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After summit talks between Putin and Modi, the two countries signed eight agreements covering space, nuclear energy and railways at a televised news conference. Later, Modi hosted a private dinner for the visiting dignitary. Between 2013 and 2017, Russian Federation accounted for 62 percent of India's arms imports, according to the Stockholm International Peace Research Institute.

The contract was signed during President Vladimir Putin's trip to India.

"Russia is a time-tested friend".

Vladivostok Forum also known as the Eastern Economic Forum was set up for the objective of encouraging foreign investment in the Russian Far East.

This handout photograph released by India's Press Information Bureau (PIB) on October 05, 2018 shows Russian President Vladimir Putin (L) signing the visitors book as Indian Prime Minister Narendra Modi looks on at the Hyderabad House in New Delhi.

U.S. Secretary of State Mike Pompeo said during a visit to New Delhi last month that discussions were continuing over whether to grant waivers to India from U.S. sanctions on Russian Federation and Iran, India's second-largest oil supplier.

Washington has warned that the purchase of the air defense system would be a "significant transaction" violating a USA law passed a year ago under which countries trading with Russia's defense and intelligence sectors face the threat of sanctions.

Russian Federation has called for introduction of rupee-rouble trade to boost bilateral trade with India, and has said it is creating a strategy to increase economic cooperation with India.

After Friday's landmark deal was signed, the United States embassy said the sanctions were aimed at punishing Russian Federation and not to damage the military capabilities of its allies, indicating that India would be spared from the sanctions. American lawmakers, however, have allowed the possibility of a presidential waiver.

India had already given indications that it will go ahead with the deal notwithstanding the U.S. sanctions.

Moscow is also pushing for India's entry into the Nuclear Suppliers Group, a club of countries controlling access to sensitive nuclear technology. India had last month firmly told the U.S. at the "2+2" dialogue that it takes note of the historic nature of India-Russia defence relationship as also legacy issues and keep the missile deal out of the sanctions' regime.

A contract for the delivery of five S-400 systems, one of Russia's most advanced anti-aircraft weapons, has been signed between Moscow and New Delhi, the Kremlin has confirmed.

The S-400 surface-to-air missile system is capable of tracking and taking down aircraft hundreds of miles away, and India believes it needs it to defend the country against not only China but also Pakistan.

Indian Air Force Chief B.S. Dhanoa has said that the S-400 system would be a "booster shot" for the Indian air force.

The missile system has been in service since 2007 and is a popular Russian arms export. The Modi government hopes the Trump administration will not disrupt burgeoning defence ties with the world's biggest arm importer by levying sanctions the U.S. Congress has sought.

Speaking to India Today, Gasprom Bank's Representative in India Sergey Mitreykin said that the banking communities had been talking about this arrangement for the past two-three years and now because of the current environment taking, it was time to take some practical steps instead of just discussing them.