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. Last Updated: 07/27/2016

Russia Makes Payment to British Bank

FRANKFURT -- Germany's Deutsche Bank AG said Friday that Russia's Vneshekonombank has transferred $95 million to a trust account with the Bank of England as part of a restructuring of Russian debt.

Deutsche, which chairs the talks, said the payment was the ninth installment of the cash down payment, in accordance with a deal reached in November 1995 to restructure some of the external debt of the former Soviet Union.

The payments by Vneshekonombank since February 1995 now total $1.57 billion, Deutsche said in a statement. Russia also agreed to pay $1.5 billion by the end of 1996 for interest arrears falling due in 1994 and 1995.

Russia and its creditor banks had reached the agreement last November to reschedule the repayment of $25.5 billion in principal over a 25-year period and $7 billion in interest arrears over 20 years, both with a seven-year grace period.