Russia to summer to repay all the debts of the USSR

Last installment – Bosnia and Herzegovina – will be paid in the coming months.

Russia completes the calculations with the countries, which was to the Soviet Union. As told “Izvestia” a source in the government agreement on the repayment of debt last at $ 125.2 million is ready and is awaiting signature. According to him, the signing could take place in the coming months, and repayment of itself will be carried out before the summer. The Finance Ministry confirmed that the USSR debt will be resolved before the end of this year.

Last week, the Ministry of Finance reported on maturity debt to Macedonia for $ 60.6 million and noted that currently the only country with outstanding debt of the Soviet era remain Bosnia and Herzegovina (as in Macedonia, this country was formed as a result of the division of Yugoslavia and won the right to reclaim part of the debt of the former USSR).

The Agreement is technically ready for a long time, the country of his initialed (given pre-approval), – said a government source. – It remains the property only to sign, it is a question the next few months. Payment takes place in one tranche through VEB, there are no difficulties until the summer issue will be closed.

The Finance Ministry’s press service confirmed that the repayment will be made from the budget provided in 2017 on the settlement of debt. According to the Ministry of official documents, for the purpose laid down 512.3 billion rubles. The Finance Ministry said that Russian-Bosnian-Herzegovinian intergovernmental agreement will be signed by the Ministry of Finance on behalf of the government, and the repayment of the debt will be effected within 45 days from the date of its ratification.

The debt of the USSR to foreign countries formed in various ways. non-CIS countries of the Union owes, because of their activity in the debt market after 1983, but before the debt of Yugoslavia was formed as a result of trade relations.

On the one hand, the USSR supplied Yugoslavia products of the defense industry and energy for the amount of N. On the other – Yugoslavia sold consumer goods to the amount of the M, so that the debt was formed due to the difference in the value of imports and exports, – he explained the origin of the debt managing partner of law firm HEADS Consulting Alexander Bazykin. – That is, there was no issue of debt securities, there was no formal obligations and penalties was to exchange products.

Paris Club Countries Russia repaid the loans in 2006, although it could do so under the terms of agreements for nearly a hundred years – until 2115, the expert said.

The nature of the Union’s debt to Yugoslavia fundamentally different, he said.

This kind of debt due to the nature of their origin countries rarely repaid quickly and early. Early repayment – is rather an exception to the general rule, – said Alexander Bazykin.

Russia dampens Yugoslavia duty longer than the far abroad, because it is more difficult to estimate – no nominal securities, which can show through.

Foreign trade operations were carried out in a specially created for this clearing currency through a specially established bank, and the prices of goods exchanged between the countries were far from the market, – the expert explained. – The exact amount of the debt may be reviewed in greater and in the smaller side when converted into dollars.

Repayment of the debt of the USSR – it is more a political plus than a budget, sure, Professor, Chair of Finance, Monetary Faculty of Finance and Banking Yuri RANHiGS Yudenkov.

This is a very remarkable point – he said. – It is important for the international status that we have recognized the USSR debts and paid them. In doing so, we forgive debts to countries such as Vietnam and Algeria.

However, the external debt of Russia, this historical fact does not affect, I’m sure Professor RANHiGS. The fact is that today the issue of external debt has shifted to the corporate sector.

The debt of the corporate sector by some estimates up to $ 700 billion, while the volume of international reserves – $ 394 billion and although sanctions have moderated somewhat the appetite of Russian companies to borrow abroad, while the magnitude of the external debt business impressive, -. Said the expert.

According to the Central Bank, as of October 1 of last year, Russia’s state foreign debt amounted to $ 38.6 billion, the private sector – $ 256 billion The Russian Ministry of Finance in recent years against the backdrop of sanctions decided greater hold in the country.. Thus, the share of debt denominated in rubles will increase compared with the currency.

Original: Izvestia

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