The Paris Club of creditor nations was putting the final touches to an agreement allowing Russia to buy back about one-third of its mainly Soviet-era debt, a person close to the talks said.
The person, who spoke on condition of anonymity, said the 19-member group of creditor governments was likely to announce a deal later Friday allowing Russia to pay off US$15 billion (Ђ11.8 billion) of the US$43 billion (Ђ34 billion) it owes them.
Germany, which holds some US$18 billion (Ђ14.1 billion) of the Russian debt, is taking a prominent role in the talks.
The expected deal comes after three days of talks among Russia and its Paris Club creditors in the French capital.
LAURENCE FROST, AP Business Writer