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. Last Updated: 07/27/2016

Russia Is Given Tuesday Deadline for NHL Deal

The NHL and International Ice Hockey Federation agreed in principle to a new transfer agreement, before a hesitant Russia again a prevented quick ratification this weekend.

The Russian federation, which refused to sign the existing two-year accord that expires at the end of the NHL season, had appeared set to end its holdout and join the other top European nations in a new agreement.

But with Russia Federation president Vladislav Tretiak absent from Saturday's meeting, no deal was signed.

The NHL, IIHF, NHL Players Association and the leading seven European hockey nations now have until Tuesday to ratify the accord.

The proposed agreement would run for four years and, according to media reports, the 30 NHL clubs would contribute from $10 million to $12 million annually to a transfer pool administered by the IIHF.

Details of the proposal were not released, but European clubs are expected to receive $200,000 for every player signed by an NHL team.

The agreement also includes a deadline before which NHL clubs can sign players during the off-season.

"They [the Russia federation] will have a meeting and they will give us an answer on May 8," said IIHF president Rene Fasel. "We have set a deadline of midnight.

"They [the Russians] know exactly what is going on, we have been discussing for many months the proposal and they know exactly the numbers and figures and conditions and just have to say yes or no."