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Russian Senate ratifies to defer payment of loans to Cuba

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Russian Senate ratifies to defer payment of loans to Cuba

Moscow, March 2 (Prensa Latina) The Federation Council (Senate) of Russia today ratified protocols that modify the Russian-Cuban intergovernmental loan agreements, which provide for postponing the island's payments on Russian credits until 2027.
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Between 2006 and 2019, Russia provided Cuba with state export loans for an amount equivalent to 2.3 billion dollars, indicated the explanatory note on the new law approved by the Upper House of the national legislature.

The funds were granted to the Antillean nation to finance projects in the fields of energy, metallurgy, transport infrastructure and the supply of products to develop and support its economy.

Due to the difficult situation in the country, caused by the tightening of the US blockade and the impact of the crisis caused by the Covid-19 pandemic, Cuba stopped paying the state loans provided by Russia since the beginning of 2020 and in September requested the restructuring.

Following Havana’s request to review the repayment terms of Russian state loans, the parties signed intergovernmental protocols on August 7, 2021 to defer payments.

The document establishes that the last reimbursement must be made on December 15, 2027.

The decision was endorsed on February 22 by the State Duma (Lower House of Parliament) of Russia.

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