Russia, Venezuela sign deal on $3.15 billion debt restructuring

Reuters|

Updated: Nov 15, 2017, 11.53 PM IST

MOSCOW: Russia and Venezuela signed a debt restructuring deal on Wednesday allowing Caracas to make "minimal" payments to Moscow in the next six years to help it meet obligations to other creditors, the Russian Finance Ministry said.

Under the deal, Venezuela will pay Russia back a total of $3.15 billion over a 10-year period, the ministry said.

S&P Global Ratings declared Venezuela in selective default on Tuesday after the South American country failed to make $200 million in coupon payments on its global bonds due in 2019 and 2024 within a 30-day grace period.

Venezuela has public external debts of about $150 billion, including $45 billion in government debt and another $45 billion of the state oil company PDVSA's debt, according to the International Institute of Finance, an adviser to a group of U.S. and international holders of Venezuelan debt. 

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