Support The Moscow Times!

Russia Pays Off Last Soviet Debt

gelya07 / Pixabay

Russia’s Finance Ministry announced on Tuesday it repaid the last of the country’s Soviet-era debt when Moscow transferred $125.2 million to Bosnia and Herzegovina earlier this month.

“Bosnia and Herzegovina was the last foreign creditor state of the former USSR,” the Finance Ministry in a statement on its website, adding that Russia made a single and final payment on Aug. 8.

Russia repaid other former Yugoslav republics, Croatia, Serbia, Montenegro, Slovenia, and Macedonia between 2011 and 2016, the state-run RIA Novosti news-agency reports.

In the first half of the 1990s, former Soviet republics, with the exception of the Baltic States and Georgia, agreed that Russia would assume the debts of the former Soviet Union and in exchange those republics gave up claims to the Soviet Union’s foreign assets.

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.

As we approach the holiday season, 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.