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. Last Updated: 07/27/2016

Debt Reprieve Given

Italy has agreed to give Russia 15 to 20 years to pay off $5.5 billion in Paris Club debt that Moscow defaulted on in 1998, a top Russian official said Monday.

Italy is Russia’s second-largest sovereign creditor after Germany. Germany signed its own deal with Russia last month on debt to the Paris Club of 19 creditor nations.

Russia owes $42 billion to the Paris Club in debt it inherited from the Soviet Union. Moscow defaulted on that and other debt in its 1998 financial crisis.