Russian lawmakers ratify deal to restructure Cuba's debt

Russia's lower house of parliament ratified on Friday an intergovernmental agreement on restructuring Cuba's $166 million post-Soviet debt to Russia.

MOSCOW, November 16 (RIA Novosti) - Russia's lower house of parliament ratified on Friday an intergovernmental agreement on restructuring Cuba's $166 million post-Soviet debt to Russia.

Under the agreement, the debt will be restructured over a period of ten years, with a four-year grace period and a 5% rate for arrears. The debt is to be repaid in euros.

The deal, signed in Havana on September 28, 2006, does not cover Cuba's debt to the Soviet Union, which is subject to separate discussions and is estimated at $26 billion.