Russia set to waive Cuba’s $35.2-billion debt

[Mika]

Russia set to waive Cuba’s $35.2-billion debt

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The Kremlin on Thursday (July 3) sent to the Russian parliament a bill to pardon Cuba’s 35.2-billion-dollar debt to the Russian Federation during the years that Russia was part of the Soviet Union.
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According to an agreement signed in Moscow on Oct. 25, 2013, the total amount owed by Cuba to the Russian Federation is about $35.2 billion. Ninety percent of that sum — about $32 billion — will be written off and the remaining 10 percent will be repaid by Cuba over 10 years, in 20 equal semi-annual installments.
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However, Russia plans to take those payments and reinvest them in Cuba, as Foreign Minister Sergei Lavrov announced during his visit to Havana on April 29. As reported by Progreso Weekly, Lavrov “explained that one tenth of that debt will be forgiven and invested by Russia into projects on the island.”

More --> http://progresoweekly.us/russia-set-waive-cubas-35-2-billion-debt/

[Judi Lynn]

1. It's a win-win, isn't it? Excellent article from Progreso Weekly.

It's time Cuba had an ally to assist it during this world's longest embargo, bloqueo. No other country has suffered this form of economic warfare taken to this extreme.