Secret country defaults on loan repayment to Russia

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June 6, 2017 – Fort Russ News – 

KtovKurse – translated by Inessa Sinchougova 

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’.

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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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