One good turn deserves another

Russia is expected to make its payment on Wednesday, March 28th towards the former USSR debt to the Paris club of creditors at the rate of 41.85m euros (about $37m), a source close to Russia’s finance ministry has said. According to the source, the payment is being made in accordance with the original schedule of payments, so Russia completely pays off its debts for March. Earlier, Russia has repaid its debt for February, according to RIA Novosti. In April, Russia will complete the redemption of the remaining half of the January debt to the club by paying $154m. Russia already repaid half of the delayed January amount in March, having paid some $150m. The total amount to be repaid by Russia towards the Soviet debt to the Paris club makes up the order of $3.7bn. Starting from January 1st this year, Russia has already repaid about $1.5bn against this debt, including nearly $32m in January, $1.3bn in February, and some $180m starting from March. The total of the debt of the former USSR to the Paris club of creditor countries makes up the order of $40bn.

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