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Russia repays Soviet-era debt of $1.7bn to Kuwait
May 21, 2016, 8:12 am

Russia has repaid Soviet-era debt to Kuwait of $1.72 billion, the Russian finance ministry said on Friday.

The principal debt stood at $1.1 billion, while interests amounted to $620 million, it said. The Soviet Union raised the debt in its dying days in 1991 to pay for "critical" imports, the ministry said.

Russia has yet to redeem Soviet-era debt to South Korea, Macedonia and Bosnia. After the demise of the Soviet Union in 1991, Russia has taken up the responsibility to pay off its debts.

According to central bank data, as of April 1, Russia's foreign debt stood at $516.1 billion, the lowest for five years. Banks and other corporates account for more than 92 percent of the total external debts.

Source: Reuters

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