First News
Volume:7, Number:39
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Around The World 2
THIS WEEK

Set to Repay Soviet Union’s Foreign Debt

A quarter of a century after the fall of the Soviet Union, Russ ia is finally set to pay off all the foreign debt it inherited from th e vanished Communist empire. Keen to establish a reputation of a reliable borrower -- despite Western financial sanctions over the Ukraine conflict -- Moscow announced it would pay off USD125.2 million in Soviet-era debt to Bosnia- Herzegovina within 45 days. In February, Moscow paid USD60.6 million to Macedonia. After th e Soviet Union’s collapse in 1991, Russia assumed responsibility for its foreign debt of some USD70 billion. This commitment proved a pa inful burden in the 1990s as Russia faced catastrophic economic probl ems that culminated in a humiliating default on its foreign debt in 1998 . But in 2006 -- thanks to a steady influx of petrodollars since the early 200 0s -- Russia was able to pay off its debts to 17 major creditor-countries in the Paris Club.

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