Russia Writes Off 90% Of Cuba’s Debt Ahead Of Putin’s ‘Big Tour’ To L. America – 11 July 2014

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Russia has written down $32 billion of Cuba’s Soviet era debt. Russian President Vladimir Putin signed the law ahead of his official visit to Latin America, with Havana as his first stop.

The agreement was first signed in October 2013 and draws a line under a twenty-year dispute.

Cuba is now required to pay back $3.2 billion over the next 10 years.

The first payment from Cuba is expected in October, and the money will be transferred to an account of the Russian lender Vnesheconombank opened at the National Bank of Cuba.
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