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  Monday, August 19, 2019
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Russia and Germany have signed a final agreement on the early repayment of part of Russia's Soviet-era debt to the Paris Club of Creditor Nations
Russia and Germany have signed a final agreement on the early repayment of part of Russia's Soviet-era debt to the Paris Club of Creditor Nations, a German Foreign Ministry spokesman said Monday. The Russian Finance Ministry has said the country will save $7.7 billion by paying off its debt early. "Under the agreement, Russia will make early repayment of over 8.14 billion euros ($10.4 billion) of its debt, which was restructured under the Consolidation 4 and 5 Agreements of 1997 and 2000, respectively," the spokesman said. He said the agreement with Russia's largest creditor would be a "basis for similar agreements with Russia's remaining creditors in the Paris Club." Russia will start repaying its remaining $21.3-bln debt to the Paris Club on August 21 through its state-owned bank, Vnesheconombank, which will act as the Russian government's payment agent.
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