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. Last Updated: 07/27/2016

Authors Get Royalties

MOSCOW (MT) - Russian authors will be able to withdraw their royalties from the Russian Intellectual Property agency's (RIPA) joint account at the bankrupt Soviet Foreign Trade Bank (Vneshekonombank), which has been frozen since 1991.

Under a decision of the presidium of the Russian government, RIPA's account at Vneshekonombank was opened for payments on July 1. The state of the $ 18 million account, which held hard currency royalties of some 120, 000 Russian authors, has been disputed for over a year.