MOSCOW, July 9. /TASS/. Russia and India have developed a new mechanism of mutual settlements for the implementation of contracts in the area of military and technical cooperation, Deputy Director of the Federal Service for Military and Technical Cooperation Vladimir Drozhzhov told reporters on Tuesday.

"We have agreed with India on a mutually acceptable settlement mechanism, which is valid over the entire duration of the signed contract documents," Drozhzhov said, noting that the mechanism would be applied during the execution of the contracts for the delivery of the S-400 anti-aircraft missile system to New Delhi. "The mechanism is fully coordinated and is permanent and mutually acceptable for both parties," he added.

At the same time, Drozhzhov did not disclose details of the new settlement mechanism, pleading its confidential nature.

According to the official, Russia and India also agreed on ways to resolve mutual settlements for contracts for the supply of Project 11356 frigates, and made progress in the implementation of joint projects for the production of Kamov Ka-226T helicopters and 200-series Kalashnikov assault rifles.