November 15, 2017 / 12:04 PM / 10 months ago

Russia says Venezuela to pay it back $3.15 billion over 10 years

MOSCOW (Reuters) - Russia and Venezuela have signed a debt restructuring deal under which Caracas will pay Moscow back $3.15 bln over a 10-year period, Russia’s Finance Ministry said on Wednesday.

A woman changes dollars for bolivars at a money exchange in Caracas, Febreuary 24, 2015. REUTERS/Carlos Garcia Rawlins

Debt repayments would be minimal in the first six years, the ministry said.

Venezuela borrowed from Russia in late 2011, but failed to keep up with payments on the debt in 2016 as the South American state faced a full-blown economic and financial crisis.

Reporting by Darya Korsunskaya Writing by Denis Pinchuk; Editing by Andrew Osborn

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