The French government finally acquiesced to international plea to suspend its warship deal with Russia.

In a statement released Wednesday, Francois Hollande's office said the conditions for the first warship delivery were not in place, citing the crisis in Ukraine.

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Hollande declared that the conditions for the delivery were not met "despite the prospect of a ceasefire." The French government also mentioned that the truce has yet to be implemented, according to NDTV.

France made the announcement despite Russian President Vladimir Putin calling on the pro-Russian rebels for a ceasefire a few hours earlier. The decision came the day before North Atlantic Treaty Organization held a summit to discuss the situation.

Up until Wednesday, France refused to reconsider its warship contract with Russia, much to the consternation of the international community.

United States President Barack Obama expressed concerns over the warship sale and said it would be wise to delay the deal. On Wednesday, his administration reiterated its concerns to the European Parliament, citing the crisis in Ukraine, the report said.

In reaction to the deal, U.K. Prime Minister David Cameron, said that if it were his country, it would be impossible to fulfill the agreement under the circumstances.

France closed a contract with Russia to build two Mistral-class helicopter carrier ships costing €1.2 billion (US$1.6 billion) in 2011. The delivery of the first warship is scheduled between October and November while the second one is in 2015.

Since Russia is experiencing idle economic growth and high unemployment rate among its citizens, experts view the possession of a warship as crucial. That is, it is poising itself for a war.

While might think France would lose its credibility as a warship supplier because of its decision to suspend the deal, many also think it made the right decision given the situation, according to the report.

TagsRussia, warship, Ukraine, European Parliament, NATO Summit, EU, Francois Hollande, Barack Obama