Story highlights Deal is mutually beneficial to France and Egypt, a "slap on the wrist" to Russia, naval historian says

French President Francois Hollande announced last month that the deal with Russia had been canceled

Hollande: France "clearly could not deliver a force-projection instrument to Russia in the current context"

(CNN) France has agreed to sell Egypt two Mistral-class helicopter carriers that were previously contracted to go to Russia, the Elysee Palace announced Wednesday.

The previous $1.3 billion contract with Moscow was signed in 2011 by the French government under Nicolas Sarkozy's presidency, but was suspended last year in the midst of violent unrest in eastern Ukraine.

The warships are powerful amphibious assault vessels equipped with six helicopter landing zones. Each of them can carry up to 16 heavy helicopters, along with tanks and about 500 troops.

A source close to French Minister of Defense Jean-Yves Le Drian said that the two warships were to be sold to Egypt for around 950 million euros ($1.06 billion) and delivered around March 2016.

The sale amount included the costs of training of 400 Egyptian naval crewmen in the Saint-Nazaire shipyards in France, the source said.