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MOSCOW () -- Russia will pay $500 million to its commercial bank creditors before the end of 1994 as agreed with the London Club, an adviser to chief debt negotiator Alexander Shokhin said Monday.
"Russia will and must pay $500 million to its commercial bank creditors before the end of this year, probably in December," said Shokhin's adviser Alla Tsinkova.
Russian debt prices fell Monday on concerns over Russia's ability to honor this month's deal with the London Club of commercial banks to reschedule its $24 billion commercial debt after the ruble crashed against the dollar last week. Traders were worried about an announcement by Deputy Central Bank Chairman Dmitry Tulin last week that the bank's foreign exchange reserves had dwindled to $1.8 billion from nearly $5 billion in August on intervention to support the ruble.
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Debt Payment Set
18 October 1994
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