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. Last Updated: 07/27/2016

Debt Swap Talks Moving Forward

Moscow and Berlin have made progress in talks on swapping some Soviet-era debt for German investment in Russian companies, Deputy Finance Minister Sergei Kolotukhin said Tuesday.

German Chancellor Gerhard Schroder said last month that Berlin might consider exchanging debt to Germany for investment projects in Russia.

"We have significantly advanced in understanding each other's position in regards to swapping debt for investment," Kolotukhin told NTV television after negotiations last week in Berlin.

"We have understood what the German side wants," he said. "We would like to think it over to present it to a working group at a higher level."

Itar-Tass quoted Kolotukhin as saying negotiations covered both investment in new projects and projects with existing companies. "We considered the interest shown by German companies in a number of projects. These include neither purchase of shares of Gazprom or LUKoil," Kolotukhin said.

Russia and Germany next meet to discuss the debt on Feb. 12-13 in Berlin.