Russian President Vladimir Putin signed a law to write off Mongolia’s debt to Russia. The document was published in the official web portal of legal information. It is said in the text of the law: “To ratify the agreement between the government of Russian Federation and the Mongolia’s government on settling of financial obligations of Mongolia owed to the Russian Federation, signed in Moscow on the 14th of December 2010”.

      On 27th of January remission of Mongolian debt was approved by the Federation Council. According to the agreement the debt with the amount of 174.2 million US dollars is subject to be written off by 97 percent. Mongolia has exceeded a term of credit. It is said in the document that “availability of unsettled financial obligations of Mongolia owed to Russia was a limiting factor for development of investment bilateral cooperation”. Now Ulan-Bator should transfer 3.8 million US dollar to Moscow.