“Russia is ready to defer settlement of the debt of Venezuela

Caracas receives preferential terms of repayment of the debt

Reuters

Moscow. 27 Oct. INTERFAX – Russia and Venezuela have prepared the agreement on the restructuring of Venezuelan debt, providing for the division of the repayment into two parts with preferential conditions for first, told reporters Finance Minister Anton Siluanov.

“We shared with Venezuela offers and conditions, there is a General agreement, will implement the internal state procedures,” he said.
The Minister noted that Russia is ready to make respite.

“Make for the first part of a rather favourable conditions with a small amount of repayment to the forces of colleagues from Venezuela, most of the transfer to the second stage of the calculation of this debt,” – said Siluanov.

Earlier it was reported that Russia has developed conditions debt restructuring in Venezuela, for operational initialising the Venezuelan side is likely before the end of the year to sign him.

“Venezuela has turned to us for debt restructuring. Conditions of the restructuring are discussed. In General, we with the Ministry of Finance, the conditions developed. If the Venezuelan side will quickly be able to initial these agreements, there is every reason, indeed, to the end of the year to negotiate and sign the terms of restructuring”, – the Minister said on the sidelines of the financial G20 in Washington.

On Friday, he noted that while Venezuela agreement is not initialed.

Of the Russian Federation in 2011 gave Venezuela a loan in the amount of up to $4 billion to Fund supplies of Russian industrial products. In 2014, Venezuela, which is experiencing economic and financial difficulties, appealed to Russia with a request to extend the period of the loan. In September 2016, the Russian government approved the draft Protocol on amendments to the agreement on the loan Venezuela, under which Venezuela’s debt amounting to $2,84 billion konsolidiruyutsya and extinguished in equal semi-annual tranches over three years, beginning in March 2019.

This amount consists of several articles – overdue debt and interest of $265 million, interest on late payment – $14.5 million, the principal debt to maturity September 30, 2016 – $265 million, from March 31, 2017 to September 30, 2021 – $2.2 billion, interest payments from 30 September to $87 million.

Starting from September 26 on used amount of credit bear interest at the rate of 8% per annum, interest on overdue interest at 12%.

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