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Agreement On Cancelling The Cuba Debt To Russia Is Ratified
7.07.2014 13:40
Agreement On Cancelling The Cuba Debt To Russia Is Ratified

The State Duma ratified an agreement on cancelling the debt which Cuba owes to Russia.

      The State Duma adopted the law “On Ratification of the Agreement between the Government of the Russian Federation and the Government of the Republic of Cuba on Settling the Debt of the Republic of Cuba to the Russian Federation on the Loans Granted to Cuba During the Former USSR” - ITAR-TASS reports. The total amount of the debt of Cuba on loans is about $ 35.2 billion. Meanwhile a half of that debt falls to the interest accrued on the principal amount. The agreement stipulates that 90% ($ 32 billion) of this debt will be written off, and the remaining 10% will be repaid within 10 years in 20 equal semi-annual payments in accordance with the established schedule. The first payment must be effected on October 25, 2014, and the last one - on April 25, 2024. 


Author: Anna Dorozhkina

Tags: Russia international     

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