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. Last Updated: 07/27/2016

Estonia Refuses to Pay

TALLINN, Estonia () -- Estonia refuses to compensate Russia for currency it failed to return to Moscow when the Baltic state quit the ruble zone in 1992, Prime Minister Tiit Vaehi was quoted as saying Tuesday.

Russia last week requested compensation for 2.6 billion rubles, withdrawn from circulation after Estonia reintroduced its kroon currency.

Russia seeks compensation at the 1992 exchange rate, which values the rubles at about $18.6 million. At current rates it is equivalent to $530,000. Estonia says Russia owes it around $80 million of money belonging to Estonian companies that was frozen in the Foreign Economic Bank at the end of 1991.