Russia to give record-high loans to Turkey, India and Iran

Russia will give a record volume of loans to foreign countries, the Izvestia newspaper reports with reference to materials for the draft budget for 2020-2022.

In three years, governments and organizations from other countries will receive more than a trillion rubles in loans from Russia. This amount is larger than in the previous five years.

According to materials of the Ministry of Finance, foreign borrowers borrow money from Moscow for the purchase of Russian products, as well as for the completion of joint projects. The ministry did not disclose the list of loan recipients.

Experts suggest that the lion's share of the loans will be used for the construction of nuclear power plants in Turkey and India, as well as for the development of nuclear infrastructure in Iran. All projects will be implemented with the participation of Russia.

In September, Deputy Minister of Finance Sergei Storchak said that foreign countries owe Russia about $35 billion (2.28 trillion rubles). From 2020 to 2022, Russia will have to receive about one-sixth of the total amount of the debt - about 370 billion rubles.

The Ministry of Finance refused to name the debtor countries. However, as one may conclude from open sources, Belarus is the largest debtor with approximately $7.5 billion of debt. Venezuela comes next with $3.5 billion.