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

Carlos Garcia Rawlins | Reuters

Venezuela’s President Nicolas Maduro gestures as he talks to the media during a news conference at Miraflores Palace in Caracas, Venezuela October 17, 2017.

Russia and Venezuela have signed a debt restructuring deal under which Caracas will pay Moscow back $3.15 billion 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.