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. Last Updated: 07/27/2016

Russo-Bulgarian Debt

SOFIA -- Bulgaria and Russia have reached a preliminary general agreement on resolving outstanding bilateral debts, a senior official said.

"The two countries agreed on a general framework of the package of measures and instruments for regulation of mutual financial claims," deputy foreign minister Valentin Gatsinski told reporters. Speaking on arrival Thursday from a two-day meeting of the joint Bulgarian-Russian intergovernmental commission in Moscow, he said Russia had acknowledged its outstanding debt to Sofia.

The bilateral debt talks hit a snag last month when Moscow proposed writing off its communist era trade deficit to Sofia against Sofia's debt to Russian banks based abroad, which are also members of the London Club of commercial creditors.

Gatsinski said the two countries were due to confirm their support for the preliminary agreement during the next 14 days.