Agency For Managing Soviet-Era Debt May Be Set Up On Vneshekonombank Basis

An agency for managing Soviet-era debt may be set up on the basis of Vneshekonombank of the USSR, Andrei Kostin, Vneshekonombank chairman, reported Thursday noting that the bank is currently engaged in implementing the agency's functions. Kostin reminded that independent agencies for managing foreign debts exist in Austria, Ireland, Portugal and Sweden, while in other countries such agencies operate within the framework of finance ministries, treasuries or central banks. "The agency should deal with active and passive operations, since Russia is not only a debtor but also a creditor," Kostin said. According to him, creation of the agency is a stage-by-stage work.