Russia ratifies Cuban debt deal

Russia`s upper house of parliament ratified an agreement on Friday on the restructuring of Cuba`s $166 million post-Soviet debt to Russia.

This is a follow-up to last Friday`s ratification of the document by the lower house.

Under the agreement, the debt will be restructured over a period of ten years, with a four-year grace period and a 5% rate for arrears. The debt is to be repaid in euros.

The deal, signed in Havana on September 28, 2006, does not cover Cuba`s debt to the Soviet Union, which is subject to separate discussions and estimated at $26 billion.

sections: Economics, World News