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Venezuela signed a debt-restructuring deal with major creditor Russia

The Russian Finance Ministry signed a deal to restructure Venezuela’s debt.

Venezuela signed a debt-restructuring deal with major creditor Russia Venezuela signed a debt-restructuring deal with major creditor Russia


The Russian Finance Ministry announced on November 15, 2017, it has signed a deal to restructure Venezuela’s debt.

 

Venezuela has agreed to restructure debts to Moscow worth $3 billion on earlier agreed terms, Russian Finance Minister Anton Siluanov has said previously.

To sign the agreement, Venezuela’s minister of finance Simon Serpa and the minister of agriculture Wilmar Castro Soteldo flew to Moscow.

 

Simon Zerpa said that funds borrowed from Russia by Venezuelan firms, including state oil company PDVSA, were not part of the agreement.

 

The deal spreads the loan payments into a new schedule spread over 10 years, with minimal payments over the 1st 6 years, the Russian Finance Ministry said in a statement.

The pact doesn’t cover obligations of state oil company PDVSA to its Russian counterpart Rosneft, however.

 

This is the 2nd time Russia reschedules Venezuela’s debt payments after agreeing to an extension last year.

Still, Caracas failed to make payments amid an economic crisis triggered by low prices for oil, a major export.

 

Rosneft has also provided several billion dollars in advance payments for Venezuelan crude supplies.

 

To read the news in Russian.

 

Source : Neftegaz.RU