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  Tuesday, November 12, 2019
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A U.S. businessman of Russian origin said on Tuesday
A U.S. businessman of Russian origin said on Tuesday he had repurchased Russia's debt to the Swiss trading firm Noga and resold it to Russia.

Since 1993, the Swiss firm has repeatedly applied for the seizure of Russian property abroad, including Russian Central Bank accounts in France and a ship and military aircraft brought into the country for shows, to secure the repayment of debts under barter oil deals struck with the Russian government in the early 1990s.

Alexander Kogan told a press conference on Tuesday that he repurchased Russia's debt from Noga's four creditor banks in 2006 and re-assigned it to Russia.

According to Kogan, Noga went bankrupt and ceded Russia's debt, estimated by the Stockholm arbitration tribunal at around $70 million, to four Swiss banks back in 1993.

Kogan said he repurchased Russia's debt to Noga out of the desire to make a profit, which amounted to $1-2.5 million from the deal, adding that Noga chief Nessim Gaon periodically applies for the seizure of Russian property and accounts abroad to pacify his creditors whom he personally owes $190 million.

In early January, certain assets owned by the Russian government were frozen in France over a claim by the Swiss trading firm. Russia described the asset seizure as ungrounded and said it would seek a legal solution to the seizure.


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