Russian President Vladimir Putin will offer to supply Iran S-300 air defence missile systems as well as build a second reactor at the Bushehr nuclear plant, the Kommersant business daily reported Wednesday.

Putin will renew an old offer to supply Iran with five of the sophisticated ground-to-air missile systems at a meeting with Iranian President Hassan Rowhani on Friday, Kommersant said, quoting a souce close to the Kremlin.

Putin is set to meet Rowhani at a summit of the Shanghai Cooperation Organisation held in Kyrgyzstan on Friday.

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