Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Debt Deal Soon

MOSCOW -- Russia and the London Club of commercial creditors have edged closer to a $32 billion restructuring of Soviet-era debt but a deal is not yet in sight, the chairman of Vneshekonombank, which owes the debt, said Thursday.

Andrei Kostin said Russia was still insisting on a big writeoff of the $32 billion of borrowings contracted by the former Soviet Union.

"It is still early to talk about figures. The positions are becoming closer, but it is still early to say they have become close enough to see the light at the end of the tunnel," Kostin said in televised remarks.

Both sides have said they want to strike a deal this year. ORT television said the next round of talks would be in about two weeks.