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Seoul Considers Taking Russian Military Weapons as Loan Repayment
South Korea Monday said it is considering acceptance of Russian military weapons as repayment for its economic aid to Moscow.
As part of its efforts to retrieve loans extended to Russia, South Korea is considering purchase of Russian-made military hardware worth US$500 million including transport aircraft, refueling aircraft, helicopter, military cadet training planes and hovercraft, a spokesman of the South Korean Defense Ministry Monday.
It was at the first Joint Commission Meeting on Military Technology, Defense Industry and Logistics Cooperation between South Korea and Russia Thursday that Seoul asked Moscow to provide a list of its weapons, said the spokesman.
Earlier, the South Korean Defense Ministry mulled over accepting Russian submarines but changed for other weapons after a South Korean inspection team released a negative evaluation of the purchase of subs.
South Korea bought Russian-made arms in lieu of outstanding loans in the middle 1990s.
South Korea loaned Russia 1.47 billion U.S. dollars in 1991, one year after the two countries established diplomatic ties.
Up to date, Moscow has returned 363 million dollars to Seoul, which leaves outstanding loan at 1.9 to 2 billion dollars including interest.
The two countries held talks on the repayment of the loans in Moscow in October 1999, and another round of talks is expected to take place in Moscow next month.
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