Russia repays Soviet debt to Kuwait

Russia and Kuwait signed an agreement to settle the Soviet debt in 2006

Russia completed the repayment of debt on the former Soviet Union's obligations to Kuwait on April 26, the Finance Ministry said in a press release.

Russia and Kuwait signed an agreement to settle the Soviet debt on May 30, 2006. Under the deal, $1.1 billion in debt principal was paid in cash and interest debt in the amount of $620 million was paid with deliveries of Russian high-tech products.

The debt arose in 1991, when the former Soviet Union raised credit from Kuwait to meet current financial obligations and pay for critical imports.

Russia still has outstanding debt on the former Soviet Union's obligations to South Korea, Macedonia and Bosnia and Herzegovina.

Read more: Visit Russia tourist office opens its doors in Kuwait>>>

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