TOKYO, January 18 (RIA Novosti) - Russia is drafting proposals to pay back early its debt to the Paris Club of Creditor Nations, the finance minister said Wednesday.

Alexei Kudrin told journalists in Tokyo, where he is currently coordinating the agenda of a meeting with his colleagues from the G8 club of rich nations, that Russia's remaining debt to the Paris Club was about $21.5 billion, including about $9 billion that the country was not yet allowed to repay.

High prices on global commodity markets have given Russia considerable room to maneuver in its repayment plans.

Kudrin said that if the government approved ministry's proposals, they would become a topic for further discussions with the Paris Club.

Russia reduced the former Soviet Union's debt to the Paris Club after it completed a 2005 plan in August last year to repay part of the debt early.

Overall, from mid-July, more than $15 billion was paid to the creditor nations. On July 15 and 29, $13 billion was transferred in two tranches to 11 creditor nations: Australia, Britain, Canada, Denmark, Finland, France, Germany, Holland, Italy, Sweden, and the United States.

A further $2.3 billion was transferred on August 19 and 22 to another five creditors: Austria, Belgium, Japan, Norway and Spain.

The minister then said the country would save $5 billion in interest payments by paying off the $18 billion.