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. Last Updated: 07/27/2016

Defense Debt Pay-Off

MOSCOW -- The Russian government intends to pay off about 10 billion rubles ($1.6 billion) in debts to defense companies in 1998 for equipment ordered but unfunded in previous years, a news report said Friday.

For 1997, the government's debt to the defense industry totals 19.9 billion rubles, Urinson said, but much of that will be offset by forgiving defense companies' back taxes.

The industry currently owes about 13.3 billion rubles to the government, Itar-Tass said.