The total amount of outstanding CIS debts represents $3.29 billion. The biggest CIS debtor is Ukraine. By January 1, 2006, the sum total of loans it received from Russia came up to $1.4 billion. Uzbekistan's debt is $670 million and Byelorussia's $361 million.
The scope of all commercial debts owed Russia is unknown. However, there is data testifying that Iraqi, Sudanese and US firms owe Russia a total of $4.7 billion. Also, N. Korean and Cuban banks are among the debtors.
Russia has been working with the above-mentioned states urging them to redeem their debts, with direct monetary repayment not necessarily being the only possibility. Thus, last winter Moscow and Delhi agreed on the redemption of $1 billion's worth of Indian debts in the form of Russian investments. Russian premier Mikhail Fradkov believes that other redemption variants may be used to materialize in mutually advantageous investment projects.
Last June it was agreed to write off Algeria's debt, but under the condition that Algeria would buy Russian goods to the amount equal to or above the sum of the debt. The agreement is evidently advantageous to Russian economy, says Finance Minister Alexei Kudrin.
At the same time, Russia's external debt is rapidly diminishing. As is known, a few days ago Russia made an anticipatory repayment of more than $21 billion to the creditors' Paris Club.