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. Last Updated: 07/27/2016

Debt to Russia Grows

MOSCOW () -- Russia's foreign debtors are falling behind with servicing their debts and the country is only receiving a fraction of the money it is due, Foreign Trade Minister Oleg Davydov said Tuesday.

Itar-Tass quoted Davydov as saying Russia's debtors were only paying back some $2 billion a year, well below the $6 billion or $7 billion they were due to pay. "Arrears are increasing ... the structure of payments is worsening," it said.

Itar-Tass said most repayments were in barter deals because countries owing Russia money were so short of cash. Russia, which has foreign debts of its own of some $80 billion, is owed about $147 billion by other states, most of them one-time socialist allies.