Libyan leader Muammar Gaddafi
Photo: Reuters
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Russia to Write Off Multi-Billion Debt of Libya
Russia will write off the multi-billion debt of Libya in exchange for the contracts for Russia’s companies, RIA Novosti reported with reference to RF Finance Minister Alexei Kudrin. Kudrin will ink today the intergovernmental agreement on trade, economic and financial relations that provides for the debt’s writing off.
According to previous reports, the parties have managed to agree that the Libyan debt amounts to $4.6 billion. Agreeing on the debt was one of priorities of Russia’s delegation that is led by President Vladimir Putin.
Finance Ministry estimated Libya’s debt at $3.5 billion as of early 2006. Libya, however, claimed that Russia itself was in debt to it. The matter at stake was the advance payments for armaments that were never supplied, as the U.N. imposed sanctions on Libya in 1993.
www.kommersant.com
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