▲ Up
 
20:26 05-12-2016
MAIN АКИpress CA-News
About us On-line subscription
KazakhstanKyrgyzstanMongoliaTajikistanTurkmenistanUzbekistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
Russia writes off $32bn Cuban debt
17:09, 11 July 2014, 3377

Bishkek (AKIpress) - russia-cuba Russia's parliament has ratified an agreement to write off 90% of Cuba's $35.2bn debt to the Soviet Union, according to the Russian news agency ITAR-Tass.

The agreement, which both countries signed in October 2013, draws a line under a two-decade-long quarrel. It stipulates that Cuba must pay back $3.2 billion over a 10 year period in exchange for Russia forgetting about the remaining $32 billion.

Cuba's first payment is expected in October, and will be paid into an account opened by Russian state-owned lender Vnesheconombank at the National Bank of Cuba.

The agreement was hurried through the State Duma on the last day of its spring session on Friday, a week before President Vladimir Putin's official visit to Cuba, where he will meet Cuban President Raul Castro, and his brother, revolutionary leader Fidel Castro.

During Friday's Duma session, lawmaker Valentina Tereshkova supported the decision to cancel the debt, which was accrued in the 1970s and 1980s, reminding her colleagues that following the Chernobyl disaster of 1986, Cuba welcomed 40,000 Soviet children to its shores to aid their recovery.

Mexico recently forgave $478 million of Cuban debt, and Havana agreed to pay back $146 million over 10 years.

Cuba’s total debt was officially estimated at $13.6 billion in 2012 which is described as “active”. Other debt collected prior to its default in 1980s is referred to as “passive”.

Cuba remains a strong ally of Russia, with trade between the two countries at about $200 million last year.

After the Soviet Union broke up Russia became the legal successor to Cuba’s loans. Cuba in turn rejected this, saying that the debt was in a currency that no longer existed, and was to a country that had vanished.


Twitterfacebookprint
LATEST NEWS
19:06 Vladimir Putin congratulates Mirziyoyev, invites him to Russia18:57 Atambayev congratulates Shavkat Mirziyoyev on winning Uzbek presidential election18:54 Uzbekistan presidential election underscores need for comprehensive reforms, OSCE/ODIHR observers say17:53 Japan donates equipment to Jalal-Abad Regional Center of Human Reproductive Health Protection17:38 Jalal-Abad local election commission cancels resolution on annulment of lists of candidates of SDPK party17:23 OSCE Office in Tajikistan trains youth on tackling gender stereotypes17:17 Winners of young designers competition in Bishkek to present collections in New York17:17 Shavkat Mirziyoyev wins Uzbek presidential election by landslide17:14 Embassy of Kyrgyzstan partakes in Christmas charity fair in Astana17:06 Official opening of Kashagan mine planned for Dec. 716:53 Kyrgyzstan sees 16.6% reduction in FDIs in 201616:52 OSCE observation mission reports about serious violations during elections including ballot stuffing16:35 Emergency Situations Ministry reinforcing Alamedin, Ala-Archa Rivers banks15:52 3 children with disabilities hospitalized in National Mother and Child Health Center last days15:51 Oyu Tolgoi suspends copper exports to China15:49 Kyrgyzstan to set up association of private vet specialists15:25 Walls of house collapse after earthquake in Chui region15:25 NGO points to vote buying problem in run up to local elections in Kyrgyzstan15:04 Narendra Modi wins reader’s poll for TIME Person of Year15:03 EU provides 11.15 million Euros for water modernization projects in Kyrgyzstan
Astana
-2° C
Ashgabat
+18° C
Bishkek
+8° C
Dushanbe
+21° C
Tashkent
+16° C
Ulaanbaatar
-17° C
exchange rates
 
73.67
69.09
10.03
1.08
357.36
335.71
48.76
5.23
6.85
6.26
1.01
0.12
3286.53
2888.39
446.81
42.81
3.73
3.50
0.51
0.05

© AKIpress News Agency - 2001-2016. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75