Russia and Mongolia will discuss the major correspondent credit after debt settlement

Moscow. On 19 January. Russia and Mongolia after the settlement of existing financial obligations of Mongolia to the Russian Federation to start negotiations on a major credit ruble, said the Deputy Minister of Finance Sergei Storchak at the session of the state Duma Committee on financial market on Tuesday.

“Of course, once the theme is settled, Mongolian Republic will resume the question she asked about the financial loan ruble, large. If we say that we have unresolved issues… now you will have to enter into negotiations,” – said Storchak.

The financial market Committee meeting on Tuesday recommended that the lower house of Parliament to ratify the agreement between Russia and Mongolia on the settlement of financial obligations of Mongolia.

The agreement was signed in Moscow on 14 December 2010.

As of December 2010 the total outstanding financial obligations of Mongolia to the Russian Federation amounted to $174.2 million, the Entire amount of debt overdue. Debt included in the debt on loans provided for payment of contributions to the Charter Fund of JV “Mongolsovtsvetmet”.

Between 2004 and 2009 took place the negotiations on the settlement of remaining debts, which have not yielded results due to strong position of the debtor, not wanting to admit the existence of any obligations to the Russian Federation.

In 2010 we managed to reach agreement on repayment of the Mongolian party’s financial obligations to the Russian Federation as a lump sum payment in the amount of $3.8 million

“Thus, we are talking about receiving from the debtor’s funds in a freely convertible currency in the repayment of the debt, expressed in conditional units, used for credit and trading operations of the former USSR and in the last 20 years actually withdrawn from economic turnover between Russia and Mongolia”, – stated in the explanatory Memorandum.