MOSCOW, May 13 (RIA Novosti) - Russia may once again come up with a proposal to repay debt to the Paris club ahead of time. "This would be very advantageous for Russia. I do not rule out that Russia will offer similar proposal in the future," Russian Minister of Finance Alexei Kudrin told journalists.

At the same time, he added that this measure would require the government's regulation.

Russia will make first payments to the Paris club in early June, he said.

According to the official, the funds saved on interest payments may finance social and investment programs.

The minister of finance specified that $400 million would be saved in 2005 and $800 million in 2006.

If Russia paid off debt on market conditions, it would have to pay a premium of 12-13% to creditors, the minister told journalists.

The agreement on premature debt repayment to the Paris club is beneficial for Russia. "This transaction will turn our economic expenses into profit, which will be used for other goals," Kudrin said.

The first tranche will amount to $13 billion, he said.

"Creditor countries will refrain from the securitization of the Russian debt during 18 months, which means they will not issue debt securities or sell Russian debts to third-party countries," the minister said.

After that the creditors will expect Russia to make other proposals on debt repayment. If such proposals follow, they will refrain from securitizing Russian debt for six months more, the minister said.