AKIPRESS.COM - President Vladimir Putin ratified a law to write off Mongolia’s $174-million debt to Russia, according to the official Russian website for legal information.

The bill was initially signed in Moscow in December 2010 and took six years to go through all stages of pre-legislative scrutiny.

Mongolia’s debt to Russia was a major hurdle for deeper investment cooperation between the two states.

Russian companies seek to increase their presence in Mongolia’s construction and mineral production markets. The July 2010 deal between Moscow and Ulaanbaatar cleared the way for Russian business and guaranteed $3.8 million as a one-off repayment from Mongolia.