Wednesday, March 22, 2017

Russia Clearing Debt

From the MT:
"Russia to Pay Off Soviet-era Debt to Bosnia-Herzegovina Within 45 Days"

Russia has agreed to settle its outstanding Soviet-era debt with a $125.2 million payout to Bosnia-Herzegovina, Deputy Finance Minister Sergei Storchak told Interfax March 21. Russia closed its Soviet-era debts to the other states in the former Socialist Federal Republic of Yugoslavia - Croatia, Serbia, Montenegro, Slovenia and Macedonia - over the last five years. An agreement signed between Russia and Bosnia-Herzegovina on March 21 recalculated the Soviet-era debt into U.S. dollars at the rate used in the original memorandum from Sept. 17, 2003.
The amount is “$125.2 million and is repayable by a one-time cash payment within 45 calendar days,” Storchak told reporters at a press conference on Tuesday. In February, an anonymous source from the Finance Ministry told Russian tabloid Izvestia that Russia would clear its debts by the end of summer. Russia has already closed debts to Western creditors and to China.

^ I think it's a good sign of faith that Russia is clearing its Soviet debt - especially with the tough economic situation going on in Russia today. ^

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