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Weapons of Mass Destruction (WMD)

Russian Upper House Ratifies Cuban Debt Write-Off of $35.2 Bln

RIA Novosti

12:39 09/07/2014

MOSCOW, July 9 (RIA Novosti) - Russia's upper house of parliament, the Federation Council, on Wednesday ratified an agreement to write off $35.2 billion of Cuba's debt allocated by the Soviet Union.

Russia will write off 90 percent of that debt and the remaining 10 percent ($3.5 billion) will be paid over the next 10 years in equal installments every six months. Cuba's first installment is scheduled for October 25, 2014, and the final payment will be made April 25, 2024.

The funds are to be transferred to Russian state development bank Vnesheconombank's (VEB) account at the National Bank of Cuba. The savings from the write-off are to be used to help finance the economy of the Caribbean island nation, which is under an economic embargo by the United States.

The Kremlin press service said last week Russian President Vladimir Putin plans to visit Cuba, Argentina and Brazil later this month. The president is to attend a summit of the BRICS group of five major emerging economies, Brazil, Russia, India, China, and South Africa, on July 11-16, in Brazil.

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