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Russia ratifies Cuba debt write-off of $35 billion

July 11, 2014, 13:58 UTC+3 MOSCOW
Putin will meet with Cuban President Raul Castro and leader of the Cuban Revolution Fidel Castro on July 11
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© ITAR-TASS/V.Shirokov

MOSCOW, July 11. /ITAR-TASS/. Russia’s President Vladimir Putin has signed a law on the ratification of the agreement that will see Moscow write off 90% of cash-strapped Cuba’s $35.2 billion debt to Russia, the Kremlin press service says.

Russia will write off 90% of that debt and the remaining 10% ($3.5 billion) will be paid over the next 10 years in equal instalments every six months. Cuba's first instalment is scheduled for October 25, 2014, and the final payment will be made April 25, 2024.

The funds are to be transferred to Russia’s state development bank Vnesheconombank's (VEB) account at the National Bank of Cuba. They will be used to finance investment projects in Cuba. Russia’s companies, Zarubezhneft and Inter RAO UES, show interest in the implementation of these projects.

Russian presidential aide Yuri Ushakov said on July 10 that Putin would visit Cuba during the Latin America tour. Putin will meet with Cuban President Raul Castro and leader of the Cuban Revolution Fidel Castro. Dozens of documents are expected to be signed on the results of the talks.

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