MOSCOW, June 12 Russian President Vladimir Putin signed a law ratifying four protocols that create a legal basis for restructuring Serbia's debts to Russia under a number of intergovernmental agreements. The corresponding document is posted on the website of the official publication of legal acts.
The protocols were signed in Moscow on November 13, 2023 and in Belgrade on November 21, 2023. They amend the agreements on the provision of state export loans by Russia to Serbia dated January 11, 2013 and October 19, 2019, a financial loan (dated April 10, 2013), as well as on the settlement of Serbia's debt to the Russian Federation for the obligations of the former Yugoslavia (dated March 10 and 17, 2021).
The protocols formalize the agreements of the parties on the repayment of Serbia's debt to Russia with a payment period from March 2022 to March 2023, with deferred payments without the accrual of penalties or any other additional interest if it is repaid in full. As of September 1, 2023, the Serbian side has fulfilled this condition. Moreover, payments were made by agreement of the two countries in Russian rubles.
The need to sign protocols arose due to problems with payments in unfriendly currencies as part of servicing Serbia’s debts, explained Deputy Head of the Ministry of Finance of the Russian Federation Vladimir Kolychev. In this regard, the parties switched to settlements in rubles.
Payable between March 1, 2022 and the date of signing of the protocols, Serbia's debt on export credits amounted to $102.231 million and 1.944 million euros, on a financial loan — $38.33 million, on Yugoslavia's obligations — $2.96 million .
The protocols come into force on the date of receipt of the last written notification that the parties have completed the necessary internal procedures.