According to earlier media reports, France was set to pay around two billion euro.
"You ask me whether it is two billion. My answer is no… this number will not exceed one billion," Sapin told France Inter radio, adding that the Mistral deal termination would be reviewed by France's Council of Ministers by the end of August.
Moscow and Paris signed a 1.2-billion-euro agreement for the purchase of two French Mistral-class helicopter carriers in 2011.
In November, Paris suspended the delivery of the first ship, citing Moscow's alleged participation in the Ukrainian conflict. Moscow has repeatedly denied the allegations.
After the deal was cancelled, Kremlin announced that Paris would be able to use the ships as it saw fit after the Russian equipment was removed from them.