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Russia will convert the remainder of its Soviet-era commercial debt into Eurobonds in September
Russia will convert the remainder of its Soviet-era commercial debt into Eurobonds in September, the Finance Ministry said Monday. In December 2002, the ministry issued $1.37 billion in Eurobonds to swap the first $1.28 bln tranche of the $1.7-plus billion owed to commercial creditors for goods and services imported by the Soviet Union. "Since for many foreign creditors August is a holiday period, a formal proposal on behalf of the Russian Federation's government to hold a second leg of the swap will be made in the fist half of September 2006," ministry spokesmen said in a statement.
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