Russia in talks with Paris Club on buying back its foreign debt

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Monday May 16, 06:36

Russia in talks with Paris Club on buying back its foreign debt

(by Olivia Cohen)

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Russia in talks with Paris Club on buying back its foreign debt

Russia and the Paris Club of sovereign creditors were on Thursday closing a deal about buying back some of its bilateral debt on Moscow’s proposal.

Russia which got huge revenues from its oil export is eager now to reduce its foreign debt that emerged when Russia suffered a domestic debt default in 1998.

Last month, one of Russia’s significant Paris Club creditors, the biggest of which is Germany, indicated its agreement in principle to a buy-back at par or 100% of the face value of the debt. Previously, creditors had demanded a premium, saying that the debt was extended at below-market interest rates when Russia’s public finances were much weaker than now.

Recent signals from Kremlin have showed that the government would prefer a buy-back at par.

Alexander Kudrin, Russian finance minister, said on Thursday a Paris Club buy-back could allow Russia to reduce its foreign debt to 50% of the total from about 80% at the beginning of this year.

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