Tuesday, August 22, 2017

Debt-Free Russia?

Moscow made the final payment on the remaining foreign debt inherited from the Soviet Union. Russia took on the debt after the other former Soviet republics refused to pay.

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As of 1994, the debt of the old USSR was almost $105 billion. The largest part of this amount (over $47 billion) was to the Paris Club of creditors. It was a pool of 19 creditors, mostly in the West including the US and the UK.

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Russia actively began to repay debts under the presidency of Vladimir Putin, which also coincided with a surge in oil prices, giving the country extra foreign currency.

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At the same time, Russia has written off a large part of the debt developing countries owed it. In 2014, Russia forgave more than $30 billion in debt owed by Cuba, which accounted for 90 percent of the total liabilities. The remaining debt, amounting to $3.5 billion, will be paid off within ten years in 20 equal installments.

Russia also wrote off Iraq's debt of $21.5 billion, Mongolia ($11.1 billion), Afghanistan ($11 billion) and North Korea ($10 billion), as well as $20 billion in debts owed by several African countries.

In total, Russia has forgiven more than $100 billion in debt owed by developing countries over the past decade.

  RT
I can't tell if what they've paid off  is debt separate from that incurred by Russia after the dismantling of  the Soviet Union, or if that's included and Russia is totally debt free.  That would be amazing, and I'm assuming that's not the case.

And there's this from June 1:
Russia’s GDP grew .5% in the first quarter of 2017, and followed another positive quarter at the end of 2016. And the outlook for the Eurasian power continues to be positive despite the sharp decrease in the price of oil which is the mainstay of their economy. [...] Russia has virtually no debt, nominal reserves in U.S. Treasuries and massive reserves in physical gold, they are in fact one of the best positioned economies in the world right now.

  Daily Coin

...but hey, do what you want...you will anyway.

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