Putin Approved Protocols To Defer Cuban Debt Payment

The International Affairs Committee of the Federation Council noted that cooperation between Cuba and Russia is of special importance for the country.

Jun 11, 2022

Russian President Vladimir Putin signed a law ratifying four protocols to the Russian-Cuban intergovernmental loan agreements granting Havana a deferral of payments, the legal information portal published today.

The document was ratified on June 8 by the Russian Federation Council (Senate) and on May 24 by the State Duma (Lower House of Parliament).

During the exchange of views on the issue in the upper house, the senators stressed that the extension of these agreements will make it possible to provide assistance to Cuba in financing oil supplies and will contribute to strengthening Russia’s positions in Latin America.

The International Affairs Committee of the Federation Council noted that cooperation between Cuba and Russia is of special importance for the country.

“Providing assistance to the friendly Republic of Cuba in the area of financing the procurement of oil and its derivatives will contribute to strengthening the political positions of the Russian Federation in Latin America,” that committee stressed.

One of the protocols amends the bilateral agreement on the granting of a state loan, dated January 30, 2009, and another on the approval of a credit to finance the supply of oil and its derivatives to Cuba, initialed on March 20, 2017.

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Two others extend the respective agreements between Moscow and Havana on the provision of loans to finance supplies of oil and its derivatives to the Caribbean island, signed on December 13, 2017 and July 19, 2019.

Between 2006 and 2019, Russia provided Cuba with state export loans in an amount equivalent to two billion three hundred million dollars, the explanatory note on the new law indicated.

The funds were granted to the Antillean nation to finance projects in the fields of energy, metallurgy, transport infrastructure and the supply of products to develop and support its economy.

Due to the country’s difficult situation, caused by the tightening of the U.S. blockade and the impact of the crisis caused by the Covid-19 pandemic, Cuba stopped repaying the state loans provided by Russia since the beginning of 2020 and in September requested restructuring.

Following Havana’s request to review the terms of repayment of Russian state loan debts, the parties signed on August 7, 2021 intergovernmental protocols to defer payments.

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