Latest News:  
Beijing   Sunny/Cloudy    17 / 29 ℃  City Forecast


Russia writes off 90 percent of DPRK's debt to Soviet Union


09:28, September 19, 2012

MOSCOW, Sept. 18 (Xinhua) -- Russia has agreed to write off 90 percent of the 11-billion-U.S.-dollar debt owed by the Democratic People's Republic of Korea (DPRK) to the former Soviet Union, Russian Finance Ministry said Tuesday.

An agreement on the restructuring of the debt was signed on Monday in Moscow, deputy finance minister Sergei Storchak told reporters.

DPRK owed former Soviet Union 11 billion dollars since the 1950s. Russia claims to be a legal successor of the Soviet Union which has built 70 plants and factories in DPRK and supplied the country with energy on subsidized prices.

Moscow and Pyongyang have been negotiating the debt issue for four years without finding a mutually acceptable solution, said the Russian Finance Ministry.

Under the newly-reached agreement, Russia decided to write off 90 percent of the debt and offered to restructure the remaining part.

The remaining debt would be included into a "debt for assistance" exchange scheme as investment to be injected into Russia-DPRK joint projects in humanitarian areas and energy sector, said the ministry.

Most viewed commentaries

World News in Photo
They have reasons to be naked DPRK in festive mood for National Day Remember 9/11, return to where nightmare started
A glimpse of Berlin Air Show North Korea's Kim, wife visit physical exercise center Anti-US protests sweep Islamic world


Leave your comment0 comments

  1. Name


Selections for you

  1. Air force conducts island penetration and assault training

  2. Unforgettable moments you can't miss (II)

  3. Foreign investors' full confidence in China

  4. Sunrise at China's Huangshan Mountain

  5. Cecilia attends her brother's wedding with two sons

  6. Best Ever Home Remedies for Headaches

Most Popular


  1. Shifting sands in Middle East
  2. U.S. has responsibility for Asia-Pacific stability
  3. Chinese people do not fear deliberate provocation
  4. US case against China subsidies politically driven
  5. Editorial: How we all gain in the power of two
  6. Anti-Islam movie threatens Arab ties with US
  7. Wisdom needed in the expression of patriotism
  8. 72-hour drop-ins to boost Beijing visits
  9. Where will Chinese entertainment television go?
  10. Commentary: All that nonsense about outsourcing

What's happening in China

Out-of-control SUV kills boy, 8, at school gates

  1. Japan expats exercise caution in capital
  2. Students given iPads to improve their studies
  3. Courts report rise in disputes over pets
  4. China to conduct school bus safety inspection
  5. Writers win copyright lawsuit against Baidu

China Features

  1. Imitation unhelpful for holding sporting events
  2. Who can find a culture to define Chinese liquor?
  3. Quit pre-bedtime phone addiction
  4. China mulls tourism law to eradicate loopholes
  5. Entering ancient town of Taierzhuang on canal

PD Online Data

  1. Ministry of Water Resources
  2. Ministry of Railways
  3. People's Bank of China
  4. Ministry of Health
  5. Ministry of Culture