Ukraine is Russia's second-largest 'debtor' despite Zelensky's denial

Illustration photo

Normally, Russia does not disclose information about loans granted to other countries. However, such information becomes public when Russia signs other intergovernmental agreements, and is approved by the State Duma.

According to an announcement on the Belarusian Ministry of Finance's information portal, the country currently owes Russia $7.55 billion as of June 1, 2019.

Ukraine is the second most indebted country to Russia with $3.7 billion. This includes a $3.075 billion credit line from Russia that the country received under former President Viktor Yanukovych in December 2013.

This is a loan provided by Russia in the form of buying bonds of the Ukrainian Government. At the end of 2015, Ukraine was in debt and could not pay, so in February 2016, Russia filed a lawsuit against Ukraine in the London High Court, demanding that Ukraine pay the debt of 3 billion USD and unpaid interest of 75 million USD.

However, the new administration of President Zelensky does not recognize this debt of Ukraine to Russia, and only takes into account the debt of 0.61 billion USD from the early 1990s.

Venezuela is Russia's largest debtor outside the former Soviet Union. According to official figures from the Russian Ministry of Finance, Venezuela's main debt is $3.15 billion and will be paid off in 2027. Russian President Vladimir Putin said in June that by the final maturity date, Caracas' debt to Moscow will reach $3.5 billion.

In addition, there are a number of other countries with large debts to Russia such as Cuba (3.2 billion USD), Bangladesh (2 billion USD), Cyprus (1.8 billion USD).