December 26, 2001

Russia and India are jointly developing a new air cargo transport (the Il-214T). Each aircraft will cost about $20 million and the first one will be delivered in 2005. Also, Russia said it exported $4.4 billion worth of arms in 2001. Russia has agreed to sell China $400 worth of S-300PMU anti-aircraft missiles. This system can also shoot down short range ballistic missiles. China is paying for the missiles by reducing the $1.4 billion Russia owes China.