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. Last Updated: 07/27/2016

Minister: Debt Honored

MOSCOW (MT) - Russia has made no official request to the Group of Seven leading industrialized nations to write off of its foreign debt, Finance Minister Boris Fyodorov said Wednesday.

Fyodorov told a press conference that he believed Russia should honor all its debt obligations and, providing economic reform continued, this would be possible.

He said that comments by Konstantin Kagalovsky, the Russian representative to the IMF, that Russia wanted debt relief, were just a personal opinion.

The price of defaulted Russian loans owed to commercial banks rose 1. 5 points Wednesday after Fyodorov's comments.