Russia cancels Somalia’s debt from Soviet-era loans

Russia has written off Somalia's debt for loans granted by the Soviet Union.

The relevant document was published on the Russian legal regulations website, Caliber.Az reports.

The document states that the total amount written off, including accumulated interest on long-term loans provided by the Soviet government to the Somali Democratic Republic before October 1, 1984, amounts to $48.1 million.

The signed agreement builds upon the provisions of the Russia-Somalia treaty dated July 26, 2023, which established a repayment schedule for the debt. Now, with Mogadishu being relieved from payments on Soviet-era loans, this schedule has been adjusted, and the remaining debt is set to be fully repaid by April 2028.

By Naila Huseynova