Support The Moscow Times!

Russia Extends Cypriot Loan by 2 Years and Cuts Interest

BERLIN — Russia has agreed to extended the maturity and reduce the interest on its loan to Cyprus, a document prepared by international lenders showed, providing additional but expected financial relief to the island on top of an EU-IMF bailout.

Cyprus had complied with all conditions set by international lenders for the first 3 billion euros of the 10 billion euro bailout to flow to Nicosia later in May, said the April 30 document, drawn up by the troika of the European Central Bank, the European Commission and the IMF.

Russia lent Cyprus 2.5 billion euros in 2011 for five years, with an annual interest rate of 4.5 percent. Extending the loan and reducing the interest will ease debt servicing costs for Nicosia and help it regain financial stability.

(Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.