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Russia ratifies protocol on Turkey’s debt restructuring

The state credit amounts to $726 mln

MOSCOW, May 29. /TASS/. Russian President Vladimir Putting signed a law on the ratification of Protocol No. 2 to the intergovernmental agreement with Turkey of 2017 on provision of a state export credit.

The state credit amounts to $726 mln, Russian Deputy Finance Minister Alexey Sazanov said earlier. Turkey timely and fully honored its obligations before 2022 but after introduction of anti-Russian sanctions the country failed to make $111 mln worth payments in 2022 and 2023 "due to causes outside its control," the official said.

The governments of the two countries signed then the protocol stipulating repayment of overdue debts within sixty days from the start of its application and absence of any default interest when paying within the established period.