China paid more than $620 million of debt to Russia in advance

Almaty. June 30. Silkroadnews – China has paid $624.3 million to Russia against loan repayment debt of $2.5 billion received in late 1992 on the nuclear power plants construction, TASS reports.

“The payment has been made pursuant to the Chinese side’s commitments within the addition to agreement (on cooperation in construction of Nuclear Power Plant in the territory of China) signed in Beijing on June 25, 2016. The addition signing has created legal grounds for the Chinese side’s early repayment of the debt formed as a result of the loan use,” publication says with reference to the Ministry of Finance.

$1.3 billion was used out of the total loan amount.

“That is, the borrower has funded a significant portion of the project costs itself. Nuclear units’ final acceptance and commissioning were carried out in 2009. Repayment of accumulated debt began in 2010 and originally assumed the Chinese consumer goods delivery. However, (...) the parties have reached an agreement to change-over to monetary repayment form, using the U.S. dollar as accounting unit. China settled its obligations under the agreement on time and in full. Last payment is scheduled to be made in June 2022,” the report says.