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24 March 2021, 16:35

Russian president signs law to ratify protocol restructuring BelNPP loan

MOSCOW, 24 March (BelTA) – Russian President Vladimir Putin signed the law to ratify the protocol restructuring the protocol to amend the Belarusian-Russian intergovernmental agreement on the state export credit to the Belarusian government to build a nuclear power plant. The document was published on the Russian official legal information website, BelTA has learned.

Russian State Duma ratified the protocol on 10 March, the Federation Council, the upper house of the Russian Parliament, okayed the document on 17 March. Thus, Russia has completed all ratification procedures on the protocol.

The protocol was signed in Moscow on 14 July 2020. The document formalizes the loan repayment terms revised on the initiative of Belarus in connection with a fall in oil and gas prices and postponement of the commissioning of power units, which has affected the profitability of the nuclear project and increased its payback period. The protocol contains the following terms for restructuring Belarusian obligations: extension of the loan use period for 2 years - until the end of 2022; postponement of the grace period on the principal from 1 April 2021 to 1 April 2023; replacement of the current mixed interest rate on the loan with the fixed interest rate of 3.3% per annum.

During the ratification, it was noted that some $4.7 billion of the $10 billion loan provided for the construction of the Belarusian nuclear power plant was used as of 1 March this year. According to the Russian government estimates, the cost of the construction will be about $6 billion. There are no overdue obligations on the part of Belarus under the agreement.

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