Russia made early payments of $15 billion to Paris Club in 2005 and plans to pay off the remaining $20 billion of its debt to all member countries in 2006.
Finance Minister Alexei Kudrin said: "Last week, Prime Minister Mikhail Fradkov signed a resolution to negotiate Russia's early repayment of the Paris Club debt, and I then signed the address to the Paris Club with an offer to repay the remainder of the debt ahead of schedule."
Under a 1994 agreement with the former Soviet republics, Russia inherited the Soviet Union's entire debt, which totaled $107.7-billion in January 1992.
Kudrin said Paris Club nations were unlikely to agree to full repayment of the debt, so Russia would only cover $12 billion.
"Russia's proposals on pre-term repayment will be considered in May," the minister said, adding that the terms and conditions would be ready in 2-3 months.
Sergei Storchak, a deputy finance minister, said earlier Thursday that Russia hoped to pay the remaining sum in August.
Kudrin said the debt would be paid at par value on the same conditions as last year.
A source in the Finance Ministry said negotiations with the Paris Club member countries could begin in the next few days, and added that bilateral agreements would be signed with each creditor.
Early repayment negotiations will exclude Germany, which converted its $6-billion share of the debt in 2004 to 3- and 5-year notes and 10-year bonds that cannot be repaid before maturity.
