On May 24, the State Duma ratified the protocols on amending the Russian-Cuban intergovernmental loan agreements signed in Havana on August 7, 2021. Formerly Committee
for International Affairs supported the adoption of the relevant draft law No. 86407-8.
We are talking about amendments to the agreements, in particular, on the provision of a state loan dated January 30, 2009, a state export credit for financing the supply of oil and petroleum products to Cuba dated March 20, 2017, similar from December 13, 2017 and a state export credit for financing in 2019 year of supplies of oil and oil products to Cuba on July 19, 2019.
According to the keynote speaker, Deputy Finance Minister Alexei Sazanov, the protocols provide for the restructuring of four intergovernmental loan agreements and regulate the postponement of debt servicing and repayment payments from 2020-2021 to the period from 2022 to 2027. Interest will accrue on the consolidated amounts owed at the rates of existing agreements. The shortfall in federal budget revenues from the implementation of the protocols will amount to about $214 million in 2020-2021, which will be replenished in the period from 2022 to 2027 with interest, Sazanov added.