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. Last Updated: 07/27/2016

Russia, India to Sign Nuclear Fuel Deal

Russia will become the first supplier of nuclear fuel to India since a club of uranium producers lifted a three-decade ban on sales to the south Asian country.

A unit of state nuclear corporation Rosatom will sign a contract with Indian atomic energy monopoly Nuclear Power Corporation on Wednesday in Mumbai to deliver 2,000 tons of uranium pellets, both companies said.

India will pay $780 million for the fuel, Rosatom spokesman Sergei Novikov said Friday. "We're very glad that a Russian company will be the first to supply India with low-enriched uranium after the Nuclear Suppliers Group canceled its restrictions," Novikov said.

The 45-member Nuclear Suppliers Group, founded after India detonated a nuclear device in 1974, ended its boycott of the country in September.

India has since signed nuclear accords with the United States, France and Russia.