$2 Billion Russian Submarine Deal?: PIB Busts Misleading Report As Putin Lands In India

New Delhi: Did India finalise a $2 billion deal with Russia to lease a nuclear-powered Russian submarine? The Press Information Bureau (PIB) has busted a fake report by Bloomberg that claimed India has finalised the defence agreement with Russia ahead of President Vladimir Putin's visit to New Delhi for the 23rd India-Russia Bilateral Summit. 

The government agency called it a “misleading” article. In a tweet on social media platform X, PIB said, “The headline of an article by Bloomberg claims that ‘India Clinches $2 Billion Russia Submarine Deal as Putin Visits’. The claim in this headline is misleading.”

The agency added, “No new deal has been signed between India and Russia. The submarine lease is based on an old contract that was signed in March 2019. There has been a delay in the delivery, and the new delivery is scheduled for 2028.”

The Bloomberg report had stated that India will pay $2 billion to Russia to lease a nuclear-powered Russian submarine, adding that the deal had been stalled for nearly 10 years due to price negotiations.

The report had further claimed that the submarine would be larger than the two already part of the Indian Navy's fleet. The “misleading” report had also stated that the delivery of the vessel was expected within two years, and would stay in India for a period of 10 years to train sailors in India and refine nuclear-boat operations.

Notably, the report had come just before Vladimir Putin landed in India for a 30-hour visit after four years. In an online briefing, Kremlin spokesman Dmitry Peskov said focus of the bilateral meeting between the two countires will be on firming up trade and defence ties.

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