The agreement between the Government of the Russian Federation and the Government of the Azerbaijan Republic on renewal of debt on the technical credits in public credit to the Government of the Azerbaijan Republic

of October 21, 1994

The government of the Russian Federation and the Government of the Azerbaijan Republic which are hereinafter referred to as with the Parties proceeding from the Agreement between the Government of the Russian Federation and the Government of the Azerbaijan Republic on settlement of debt obligations and credit requirements and registration of the public debt concluded in Moscow on November 13, 1992 agreed as follows:

Article 1

The government of the Azerbaijan Republic recognizes as public debt before the Government of the Russian Federation debt on correspondent account of National Bank of the Azerbaijan Republic in the Central bank of the Russian Federation as of January 1, 1993 which consists of debt on the technical (payment) credits obtained by the Azerbaijani Side on correspondent account in the Central bank of the Russian Federation in July-December, 1992 in the amount 14, of 8 billion rubles, and differences for benefit of the Russian Federation in settlement between organizations of the Central bank of the Russian Federation and National Bank of the Azerbaijan Republic as of July 1, 1992 in the amount 15, of 9 billion rubles, and 7 billion rubles in public credit agree to renewal of debt in the amount of 30,, which is considered the issued Government of the Russian Federation and the received Government of the Azerbaijan Republic as of January 1, 1993.

The parties renew also in public credit debt on the technical credit received by the Azerbaijani Side in January-April, 1993 in the Central bank of the Russian Federation, in the amount of 6 billion rubles which is considered the issued Government of the Russian Federation and the received Government of the Azerbaijan Republic as of May 1, 1993.

The total value of the loan granted by the Russian Side constitutes 36, 7 billion rubles and 5 million US dollars on the rate approved for this purpose are considered equivalent 81,.

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