November 15, 2017 / 1:05 PM / 3 years ago

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

Venezuelan Vice President for Economics Wilmar Castro Soteldo speaks next to Venezuelan Economy and Finance Minister Simon Zerpa in Moscow, Russia November 15, 2017. REUTERS/Sergei Karpukhin

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.

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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