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Moscow In Deal To Write Off Part Of Cuban Debt

Cuban President Raul Castro (right) and Russian Prime Minister Dmitry Medvedev during their meeting in Havana on February 21.
Russia has agreed to write off part of Cuba’s multibillion dollar Soviet-era debt.

A document on the debt was agreed on February 21 during Russian Prime Minister Dmitry Medvedev’s visit to Havana where he met with President Raul Castro.

The Reuters news agency quoted Denis Manturov, Russia's industry and trade minister, as telling reporters that Moscow will write off part of the $30 billion debt and will offer a 10-year refinancing plan for the remaining amount.

The new Russian-Cuban agreements also include a plan for Russia to lease eight jets worth $650 million to Cuba.

Moscow and Havana enjoyed close relations during the Cold War, but trade links in particular have slumped in the decades since the Soviet collapse.

Based on reporting by Reuters, AFP, and ITAR-TASS