May 28, 2007 -- The Russian Finance Ministry says Moscow will start repaying its outstanding debt of $1.33 billion to South Korea next month.
The repayment process is expected to take 19 years. The ministry said Russia intends to repay 70 million dollars in cash annually, starting this year, under a 2003 debt settlement accord.
The debt dates back to 1991 when Seoul provided Russia with $1.47 billion in loans. The deal followed Moscow's move the previous year to establish diplomatic relations with South Korea.