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    June 6, 2017

    Secret country defaults on loan repayment to Russia


    June 6, 2017 - Fort Russ News - 


    Russia's budget will miss out on $1 billion this year, due to the outstanding debt of a 'secret'  foreign borrower/s.

    The federal budget this year will not receive the 53.9 billion rubles ($950 million) in connection with payments from foreign debtor/s being made in arrears.

    In addition to the principal repayment, the Finance Ministry has not received any interest payments in the amount of 11.7 billion rubles ($200 million). But what is the country that is behind in schedule? This is a 'state secret'.

    Deputy Finance Minister, Sergei Storchak, has stated that "we cannot name this country - government loan programs are classified, especially where loans are granted for military-technical cooperation," - Storchak said.

    Among the "suspects" are Cuba, Venezuela and Belarus.

    According to the Central Bank, as of January 1, foreign states and foreign legal entities owe Russia  $35.6 billion. More than 90% of this is debt to Russia on loans granted to the former USSR. 

    In 2016, foreign borrowers repaid the Russian budget around 92.6 billion rubles; among the contributors were Albania, Georgia, Moldova, Nepal, Serbia, Vietnam, Montenegro.

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