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. Last Updated: 07/27/2016

Japan Sends Moscow $375M Credit

Russia received a new tranche Tuesday of a $1.5 billion loan from the Japanese government, Prime Minister Vladimir Putin said.

"A new tranche of a Japanese credit landed in the accounts of the Finance Ministry - $375 million. This is an untied credit, a government credit to support the budget," Putin said on ORT television.

The credit was agreed on in February 1998, and the Export-Import Bank of Japan released $800 million of the loan in July of that year.

The rest was suspended in August 1998 when Russia devalued the ruble and defaulted on some of its debt.

Last week, the Japan Bank for International Cooperation, which succeeded the Export-Import Bank, agreed to release $700 million in loans after an agreement had been reached with the Russian government on measures to prevent the misuse of funds.

Some funds released by the Japanese government have previously been tied to World Bank projects.