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Thursday April 07, 08:19
Russia’s debt could be moderated by Paris Club creditor
(by Brigitta Zulfitzler)

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Russia’s debt could be moderated by Paris Club creditor A prestigious Paris Club creditor of Russia has moderated its offer to the Kremlin to buy back the country’s bilateral debt, putting forward a $43bn deal.

Russia owes the biggest part of its debt (about $18bn) to Germany. The main part of Russia’s debt was floated in the Soviet times when Russia’s financial circles were much weaker than now. But now many of Russia’s creditors believe that the state can afford a premium over the nominal value of the debt in order to compensate its below-market interest rates.

Though last week Igor Shuvalov, a senior aide to President Vladimir Putin, said Russia would pursue a buyback as a profitable deal, the Paris Club said on Wednesday the creditors need confirmation of this statement from the Russian finance ministry.

The Paris Club’s next formal meeting on May 10 could be a potential date for cutting the deal. There is a possibility for Russia to buy back $10bn-$12bn of the debt this year, said the source close to the creditor club.

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