Cyprus ahead of schedule repaid Russia a debt of 2.5 billion euros

UNITED STATES, WASHINGTON (OBSERVATORY) — The Cypriot authorities announced early repayment of the remaining volume of payments on a loan issued by Russia in 2011.

Cyprus Finance Minister Harris Georgiades in a message on a social network on Twitter announced that the Russian Federation would pay the remaining amount of 1.58 billion euros for this loan.

Cyprus applied for financial assistance to countries and financial institutions in 2011 in anticipation of the acute phase of the European debt crisis. Nicosia and Moscow signed a loan agreement of 2.5 billion euros. In 2013, the Cypriot authorities turned to Russia with a request to restructure this loan, which was approved by the Russian Federation in 2015.

In April 2019, Cyprus hosted5- and 30-year government bonds in the amount of 1.25 billion euros for early repayment of a Russian loan. Deputy Minister of Finance of the Russian Federation Sergei Storchak previously reported on the timing of repayment of Cyprus debt to the Russian Federation.


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