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Business

Germany Invests in Russian Subs Disposal

Germany and Russia have come to an agreement where the Germans will invest €300 million ($354 million) in a project to help Russia safely dispose of 120 of its nuclear submarines, according to the Federal Ministry for the Economy. The six-year deal was signed by Alfred Tacke, Germany’s state secretary for the economy and Russian deputy minister of nuclear energy Sergei Antipov during the German-Russian summit in Yekaterinburg on Thursday. "With the submarine project, we are making an important contribution to the fight against the spread of weapons-grade nuclear material. At the same time, we are giving a strong impetus for German-Russian economic cooperation," Tacke said in a statement.