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Russian upper house ratifies Cuban debt deal

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Russia's upper house of parliament ratified an agreement on Friday on the restructuring of Cuba's $166 million post-Soviet debt to Russia.
MOSCOW, November 23 (RIA Novosti) - Russia's upper house of parliament ratified an agreement on Friday on the restructuring of Cuba's $166 million post-Soviet debt to Russia.

This is a follow-up to last Friday's ratification of the document by the lower house.

Under the agreement, the debt will be restructured over a period of ten years, with a four-year grace period and a 5% rate for arrears. The debt is to be repaid in euros.

The deal, signed in Havana on September 28, 2006, does not cover Cuba's debt to the Soviet Union, which is subject to separate discussions and estimated at $26 billion.

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