OREANDA-NEWS. In the course of Russian President Vladimir Putin’s formal visit to the United Arab Emirates, the State Corporation “The Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and National Bank of Abu Dhabi (NBAD) acting as authorized agents for the governments of their countries signed an Agreement on the Technical Procedure for Accounting and Repayment of Soviet-era Government Debt.

The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and NBAD Chief Executive Officer Michael Tomalin.

The Document establishes the procedure for opening and maintaining relevant credit accounts, making payments to repay and service the debt and transferring funds.

The Agreement was made to enforce article 5 of the Agreement between the Government of the Russian Federation and the Government of the United Arab Emirates on Settling Soviet-era debt (the Intergovernmental Agreement). The Agreement set the terms for the final settlement of Soviet-era debt on the financial loan extended by National Bank of Abu Dhabi to the former State Bank of the USSR under the credit agreement dated September18, 1991.