Ministry of Finance of the Russian Federation
Ministry of Finance of the Russian Federation
16.09.1999

JOINT PRESS RELEASE Ministry of Finance of the Russian Federation, Vnesheconombank and London Club Advisory Committee

 

Russia Talks to London Club About Comprehensive Debt Restructuring

A Russian delegation headed by Mikhail Kasyanov, Minister of Finance of the Russian Federation and Andrei Kostin, Chairman of Vnesheconombank, met in London on 15 th and 16 th September with Vnesheconombank’s London Club Advisory Committee, chaird by Wolfgang Wendt of Deutsche Bank AG. The Russian delegation made a proposal based upon their analysis of Russia’s medium term financial prospects. The proposal contemplates a comprehensive restructuring of all London Club debt including significant debt reduction.

The Committee indicated its belief that the market would require that any comprehensive restructuring providing for any debt relief would require that the new obligations be in form of a Russian Federation Eurobond. The Committee is currently working on a response to the Russian proposal. Further meetings could take place as early as late next week.