PARIS, June 23 (RIA Novosti) - The Paris Club of Creditor Nations confirmed Friday that Russia would repay all its Soviet-era debt soon, saying it would be the largest transaction in the organization's history.
The agreement on early repayment of all Russia's debt was reached at talks on June 15-16 between representatives of the club's member countries and the Russian government, the communique said.
The Paris Club said that after repaying the debt, totaling $22 billion at par value, Russia would cease to be a debtor, but remain in the club as a full-fledged creditor nation.
Russia had already made an early installment on its Paris Club debt last year, transferring $15 billion.
Russia thereby cut the debt to $22.3 billion as of June 1, 2006. The country's debt, which was to be re-paid in the period between August 20, 2006 and August 20, 2020, also underwent restructuring in 1996 and 1999, the club said.
