STRELNA (near St. Petersburg), July 15 (RIA Novosti) - Russia will pay off its entire debt to the Paris Club of creditor nations by August 21 and will cease being its client, a Russian deputy finance minister said Saturday.
Sergei Storchak said dollar-denominated debt was to be cleared by August 21, while payments in other currencies should be completed by August 18.
"We are pleased to say our creditors agree that as Russia discharges its debt, the old debt restructuring agreements will be terminated. After this, we will cease to be a client of the Paris Club," he said.
He said Russia would save $7.7 bln from paying its debt ahead of schedule, adding that resources saved would be invested, including through the national Investment Fund.
He also said Russia would make proposals on exchanging its former Soviet commercial debt for Russian Eurobonds in early September.
