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. Last Updated: 07/27/2016

China Buys Ships

n MOSCOW -- A struggling Russian shipbuilder has signed a contract to build two destroyers for China in one of the largest arms deals for Russia in recent years, a news agency said Friday.

St. Petersburg's Severnaya Verf, or Northern Shipyard, signed a deal Thursday with the Rosvooruzheniye, Russia's state arms trading monopoly, to build the two ships by the year 2000, Interfax reported.

The amount of the deal was not disclosed, but the sale is the country's largest arms-trading contract in terms of cash inflows per year, the agency noted.

According to earlier reports from China, Beijing agreed in principle to buy two Sovremenny-class destroyers for about $1 billion.