Accessibility links

Breaking News

U.S. Businessman Reportedly Buys Russia's Noga Debt

(RFE/RL) March 9, 2006 -- News reports from Moscow say a U.S. businessman has bought out Russia's debt toward the Swiss company Noga.

Russia's "Vedomosti" business daily today quotes Alexander Kogan as saying he agreed to buy out the nearly $70 million debt "in Russia’s interest." The newspaper says it has obtained confirmation of the deal from Noga owner Nessim Gaon.

"Vedomosti" and other Russian media outlets identify Kogan as the owner and president of IPD Capital, a company based in St. Louis, Missouri.

In the early 1990s, Noga signed with Russia a barter deal agreement under which it supplied food and other goods in return for oil products.

In 1997, the company won a court case it had filed against the Russian government for breaking the deal. During the long legal battle that followed, Noga repeatedly attempted to force Moscow pay its debt by seizing Russian assets abroad.

("Vedomosti," "Kommersant,"

RFE/RL Russia Report

RFE/RL Russia Report

SUBSCRIBE For news and analysis on Russia by e-mail, subscribe to "RFE/RL Russia Report."

RFE/RL has been declared an "undesirable organization" by the Russian government.

If you are in Russia or the Russia-controlled parts of Ukraine and hold a Russian passport or are a stateless person residing permanently in Russia or the Russia-controlled parts of Ukraine, please note that you could face fines or imprisonment for sharing, liking, commenting on, or saving our content, or for contacting us.

To find out more, click here.