Russia has agreed to postpone some installments of Cuba’s debt under communist rule until 2027, Russia’s lower house of parliament announced yesterday.
This development was recorded a few days after the announcement of the two countries that they will deepen their ties, given the escalation of the crisis in Ukraine.
The loans, amounting to 2.03 billion euros, were granted to Cuba by Russia between 2006 and 2019, and were used to guarantee energy production, metalworking and transport infrastructure, according to a statement from Russia’s lower house of parliament.
Yesterday, Russian lawmakers ratified an agreement originally signed by their Cuban counterparts in Havana in 2021, regarding the modification of the terms of the loan, according to the same announcement.
Cuba last week voiced support for Russia over a confrontation with Western powers over Ukraine, following a visit by Russian Prime Minister Yuri Borisov. Cuba has accused the United States and its allies of targeting Moscow in what it called a “propaganda war” and imposing sanctions.
Russia’s decision to ease lending comes at a time when Cuba is battling a severe social and economic crisis that is causing significant food and medicine shortages following protests last year that are believed to have taken place. that they were the largest since Fidel Castro’s revolution in 1959.
Since the revolution, the two countries have a long history of economic and military cooperation, despite the fact that in recent decades these ties have weakened.
However, Russia continued to provide humanitarian aid, as well as loans to Cuba.
Over the past decade, Cuba has restructured its debt with China, Germany and Mexico, as well as with Japanese commercial debt managers.
In October, Cuba reached an agreement with the Paris Creditors’ Club to postpone the payment of an annual debt scheduled for November, with an extension, for later in the year.
Duma Speaker Vyacheslav Volodin is expected to visit Cuba and Nicaragua on February 23-24.
Source: AMPE
Source: Capital
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