MOSCOW, July 12 (RIA Novosti) - Russia will pay 818 million euros to France in mid-July as part of a plan to repay part of its debt Paris Club of creditor nations early, the French Embassy said Tuesday.
Russian Finance Minister Alexei Kudrin and French Ambassador to Russia Jean Cadet signed an agreement in Moscow that stipulated Russia would pay about 40% of its debt to France ahead of schedule, an embassy news release said.
On May 13, Russia and the Paris Club signed an agreement on the early settlement of nearly a third of Russia's debt, or $15 billion.
After the early payment, Russia's debt to France, its third major creditor in the Paris Club, will be cut from 2.4 billion to 1.5 billion euros by the end of July, the release said.
France was pleased that Russia would be able to accelerate its payments after six years since it last took a loan from the Paris Club.
According to the release, the move will let Russia make considerable savings on interest rates payments, which testifies to Russia's responsible approach to its economic policy and its growing prestige in the international financial community.
Kudrin earlier told reporters that Russia would effect its payments on the first disbursement as part of its early payment of the Paris Club debt by July 15.
He said an agreement to the effect had been signed with France and the United States on Tuesday, and that the sum was being specified.
Initially, the first disbursement was to total $13 billion.
