Russia repays US$22 billion in ECA debt

Url: 
http://www.eca-watch.org/problems/debt/bothends_russian_debt_24aug06.htm
(Both Ends, Amsterdam, 24 August 2006) On Monday August 21st Russia fully paid off some US$20 billion of its foreign debt to Paris Club members. 95% of Russia’s bilateral debt was export credit debt. Under WTO, OECD and EU regulations, all ECAs are legally required to break even in the long run, leading Dutch NGO Both Ends to demand that all remaining export credit debt of developing countries be cancelled immediately at the expense of the boosted reserves of ECAs.