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Russia will exchange a tranche of its outstanding Soviet-era debt for eurobonds before the G8 summit in July
Russia will exchange a tranche of its outstanding Soviet-era debt for eurobonds before the G8 summit in July, a senior official said Tuesday. "At issue is the ... commercial debt, worth some $500 million," said Vladimir Dmitriyev, president of Vnesheconombank, the government agency that services national foreign debt. Deputy Finance Minister Sergei Storchak said earlier the ministry was completing preparations to swap a second tranche of Soviet debt, worth $500 million. "I do not think this will be the last tranche," Storchak said. "The Finance Ministry is working with those creditors who have not made applications," he said. "We have to take into account the long [three-year] gap between the first tranche of the exchange of the former USSR's debt and the second." The commercial debt is the result of exports of foreign goods and services to the former Soviet Union. The Finance Ministry estimates the debt at more than $1.7 billion. The ministry exchanged the first tranche for eurobonds worth $1.4 billion in December 2002.
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