Russia and Venezuela to sign debt restructuring deal on Nov 15: source

MOSCOW (Reuters) – Russia and Venezuela will sign a debt restructuring deal on Nov. 15 with a term of around 10 years and with payments rising gradually, a source familiar with negotiations said on Friday.

Venezuela will have to pay back Russia a significant amount of money before the end of 2017 for the agreement to come into force, the source told reporters.

Under the deal, Venezuela must also pay Russian exporters for products already delivered.

Venezuela has agreed to restructure debts to Moscow worth $3 billion on earlier agreed terms, Russian Finance Minister Anton Siluanov said previously.

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