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Russia to write off 90 percent of Cuba's debt
Published on July 8, 2014 Email To Friend    Print Version

HAVANA, Cuba (ACN) -- The Russian lower chamber of parliament, or State Duma, on Friday ratified its agreement to write off 90 percent of the debt owed by Cuba.

According to a report by Russia Today, Moscow agreed to write off 90 percent of the island's $35. 2 billion debt to the former Soviet Union, while Havana will still have to repay ten percent, some $3.5 billion in a ten-year term.

The funds will be transferred to the account of Russia's Vnesheconombank (VEB) in the National Bank of Cuba and used to finance the economy of the Caribbean island nation, which remains under the US economic embargo, the report explains.

The agreement was signed by the Russian and Cuban governments in late October 2013. The first payment is to be made in October this year and the last one in April 2024.

The ratification by the State Duma of the accord comes as the Kremlin announced that President Vladimir Putin will visit the island on July 11 as part of a Latin American tour that also includes Argentina and Brazil.

Putin will participate at the summit in Brasilia of the BRICS group, the five major emerging economies: Brazil, Russia, India, China and South Africa.
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David Lee:

they were never going to repay it any way


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