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. Last Updated: 07/27/2016

Russia to Pay Paris Club $200 m Monday

Russia will pay about $200 million to the Paris Club of creditor nations on Monday and make the rest of debt payments due in the first quarter by the end of March, a source close to the government said Monday.

Monday's payment to the Club would include about half of missed January debt payments and debt falling due in March, the source said. He could not give precise figures. Finance Minister Alexei Kudrin said last month that Russia had to repay the Paris Club $298 million in overdue January debt and would pay $41.5 million in March.

The source said the remaining part of missed January debt payments was likely to be made by the end of March.

The Finance Ministry could not immediately confirm the information.

Russian news agencies said on Sunday the finance ministry would pay $330 million to the Paris Club on Monday, covering all missed January payments and a scheduled March payment.

The source could not comment on the difference in figures.

Russia is hoping to reschedule its Soviet-era debt to the Paris Club -- now worth about $40 billion.

The government said in January it would be unable to repay in full about $1.6 billion due to the Paris Club in the first quarter and missed some payments.

But after criticism from Club members, who insisted Russia had the money to pay in full due to high energy prices, the government backed down and made payments of about $1.3 billion in February.

Russia is due to pay some $3.8 billion to the Paris Club in 2001.