On March 21, 2017, the Russia’s Finance Ministry stated that the country would pay back the remaining indebtedness that it assumed as a successor to the U.S.S.R. in the course of the following 45 days.

The outstanding amounts were to be given back to Bosnia and Herzegovina on account of trade settlements of the U.S.S.R. and the former Yugoslavia. The final payment stood at USD125.2 million. According to Deputy Finance Minister Sergey Storchak, “this is the last debt of the U.S.S.R.”

On the day of the Finance Ministry’s announcement, Russia entered into an agreement with Bosnia and Herzegovina to settle the remaining Soviet debt.

“The agreement that we signed today provides for the recalculation of debt into U.S. dollars at the rate used in the memorandum. As a result of the recalculation, the amount of the Russian Federation’s liabilities to Bosnia and Herzegovina stands at USD125.2 million and is subject to repayment in a one-time transaction within 45 calendar days from the date when the agreement comes into force,” Mr. Storchak said.

As of 2017, Bosnia and Herzegovina was the only nation to which the debt of the former U.S.S.R. had not been paid. Russia recognized the debts owed to Croatia, Serbia, Montenegro, Slovenia, and Macedonia in September 2003 and gradually paid off the amounts in a five-year period from 2011 to 2016.

Russia repaid the Soviet debt to the Paris Club of Creditors in August 2006, which was ahead of schedule. Aleksei Kudrin, who then served as the Minister of Finance, said that the country repaid USD21 billion and that it saved USD7.7 billion with the early repayment.

In the end of 2009, Russia paid back the last of its debts to the London Club of Creditors by way of repurchasing debt instruments. The indebtedness to the London Club consisted of the amounts the former Soviet Union owed to commercial banks in Western Europe, the U.S., and Japan under Vneshekonombank loans issued up to December 1991.

Russia repaid USD60 million to Macedonia in February of 2017 in the form of supplies of industrial products of Russian origin and the provision of related services.

Russia paid back the principal balance of USD1.1 billion on its debt to Kuwait in April of 2016. The country also repaid its accrued interest of USD620 million with Russian high-tech products.

Debts to China to the tune of 400 million Swiss francs were paid off in September 2015.

Russia satisfied the Soviet Union’s indebtedness to Slovakia and Serbia of USD1.7 billion and USD288.8 million respectively in May 2013. In addition to cash, Russia provided the two countries certain industrial goods in satisfaction of the debts.

Russia paid back the Soviet debts of approximately USD3.65 billion to Finland, the Czech Republic, and Montenegro in December 2013. The creditor countries accepted cash and industrial products to cover the indebtedness.

Russia repaid the Soviet debt to Croatia of USD185.7 million by supplying high-tech products to the country.