Federation Council ratifies protocol relating to loan agreement with Venezuela

TASS Russian News Agency | Jul 15, 2020 at 1:36 PM

MOSCOW, July 15. /TASS/. Russia's Federation Council (upper house of parliament) ratified at a Wednesday plenary meeting the protocol relating to the intergovernmental agreement on providing a loan to Venezuela by Moscow, which guarantees timely debt repayment to Russia.

The protocol stipulates changes into a number of terms connected with restructuring of the debt of the Bolivarian Republic of Venezuela to the Russian Federation, including development of a mechanism that guarantees timely repayment of due funds to Russia.

In accordance with the agreement between Russia and Venezuela dated December 8, 2011, the loan amounts up to $4 bln. The Venezuelan side pays loan interest at the rate of 7.4% per annum.