Sergei Lavrov told a press conference Tuesday that the two countries would soon sign an agreement settling the issue of the former communist superpower's debt to Kuwait, which would give Russia's oil companies the chance to bid in deposit tenders.
"The agreement will boost bilateral trade and economic relations and investment cooperation... in sectors attractive to Russia," Lavrov said.
Financial cooperation between the Soviet Union and Kuwait began in 1987 when Moscow secured mid-term loans from the Mideast country worth $450 million, which was later transformed into a $1 billion debt with $550 million in Kuwait's deposits in Vnesheconombank, the state-controlled bank that handles Russia's foreign debt.
In 1992, Russia borrowed another $100 million from Kuwait, making the total mid-term debt $1.1 billion.
