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Russia and Ukraine closed an acrimonious chapter of wrangling over debt Friday, when Ukraine agreed to give up claims on former Soviet assets abroad in exchange for a Russian pledge to service Soviet debts.
Itar-Tass said Ukrainian Prime Minister Vitaly Masol and his Russian counterpart Viktor Chernomyrdin had signed the so-called "zero option" deal in Moscow.
Itar-Tass quoted Masol as saying Ukraine did not have the $800 million a year it needed to service the debts.
"Ukraine now does not owe anybody anything through Soviet debt, but nobody owes Ukraine anything either," Masol said. Terms for repayments of $80 billion of Soviet debt have been a chronic sore spot between Moscow and Kiev, with the latter reluctant to give up Ukrainian claims to a 16.37 percent share of Soviet property abroad.
All other former Soviet republics have waived claims to the assets in return for Russian agreement to take on responsibility for repaying all the debts in a similar zero option deal.
Itar-Tass also said Russia and Ukraine would soon sign a deal to restructure Ukraine's $2.7 billion debt to the Russian Federation, mostly for fuel and energy. They would also sign a formal agreement on division of former Soviet property abroad.
Debt has been a stumbling block to a long-delayed friendship and cooperation agreement between Ukraine and Russia. Ukraine owes Russia $1.4 billion for natural gas alone.
Russia, Ukraine Reach Zero Option Deal
10 December 1994
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