Russia paid off all debts of the former USSR

Today in the press service of the Russian Finance Ministry reported on the settlement of the balance of external debt liabilities of the former Soviet Union to the London Club of creditors in the amount of one million dollars. Recall that the London Club debt was a debt of the former USSR to the private commercial banks in Western Europe, USA and Japan on loans borrowed by Vnesheconombank of the USSR until 31 December 1991. Under the terms of agreements with Vnesheconombank banks - members of the London Club October 6, 1997, payable on the principal debt has been re-arranged in restructured loans Principal Notes (tools PRINs), and the liabilities for interest - in the interest-bearing bonds Interest Arrears Notes (tools IANs). The Government of the Russian Federation November 28, 1997 signed a declaration of support of Vnesheconombank in the performance of its obligations to the London Club. In 2000, with the London Club creditors agreed on the financial and legal conditions of the new restructuring, involving the exchange of obligations of Vnesheconombank (the write-off a substantial part of the debt) on sovereign Eurobonds of the Russian Federation with final maturity dates in 2010 and 2030. In 2000-2001 he was exchanged commitments to the London Club of 31.7 billion dollars (including interest) for these issues. Of operations, as noted by the Finance Ministry, was unique both in its scale - the volume of emission of highly market-based instruments (21.2 billion dollars), the number of participants (more than 400 financial institutions), the amount of debt positions (about 27 thousand) and by a grant to the Russian Federation (36.5% debt - $ 10.5 billion in principal).