Serbia and Russia reach deal on debts

Serbia and Russia have reached agreement on settling their mutual debts, Serbian Finance Minister Bozidar Djelic has told B92 from Moscow.

Djelic said the two sides had struck a deal on Russia’s debt to Serbia and the $246 million owed by Serbia’s oil monopoly to Russia’s Gazprom.

Under the deal, 80 per cent of the Serbian Oil Industry debt will be written off, while the remaining $46 million will be paid off through exports. Russia will invest in overhauling the „Djerdap“ hydropower station.
The agreement must be ratified by the governments involved by the end of the year.