Putin signs bill ratifying agreement to write off 98% of Mongolia's debt

Mongolia will settle the entire debt with a one-time payment of $3.8 mln

President Vladimir Putin has signed into law a bill ratifying an agreement to settle Mongolia's financial obligations to Russia.

The State Duma approved the ratification bill on January 22 and the Federation Council followed suit on January 27.

The agreement was signed in Moscow on December 14, 2010, when Mongolia's unsettled financial obligations to Russia totaled $174.2 million. The whole amount is overdue. It includes debt on loans extended to make contributions to the equity of joint venture Mongolsovtsvetmet.

Under the agreement, Mongolia will settle the entire debt to Russia with a one-time payment of $3.8 million, which is due 30 days after the agreement enters force.

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