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. Last Updated: 07/27/2016

Angola to Pay Debt in Diamonds, Oil

Angola is to repay about $4 billion of Soviet-era military debt to Russia in diamonds and oil, the Financial Times reported on its web site Thursday.

The agreement follows a visit to Angola this week by Deputy Prime Minister Ilya Klebanov.

The report said a scheme that would see the debt paid back and increase Russia's presence in developing Angola's new diamond deposits is being studied.

Russian diamond monopoly Alrosa will keep working in Angola, developing deposits and reconstructing a power station for the mines, the report said.

The web site said marketing of Angolan diamonds is controlled by the Lev Levyev, a Russian-born Israeli businessman. Last February, he formed a joint venture with the Angolan government, the Angola Selling Corp., easing out diamond cartel De Beers, it said.

Ascorp is the sole buyer of Angolan rough diamonds that are worth about $1 billion annually, the report said.