Talks over settlement of N. Korea's debt to USSR could resume - Storchak
ULAN-UDE. Aug 24 (Interfax) - Russia and North Korea could resume talks over the settlement of North Korea's $11 billion debt.
"The North Korean debt stands at $11 billion, granted by the former Soviet Union," said Russian Deputy Finance Minister Sergei Storchak, who is in Buryatia where President Dmitry Medvedev has met with North Korean leader Kim Jong-il.
The loan was granted in Soviet rubles at 60 kopeks per U.S. dollar, he said.
Asked whether North Korea recognizes the debt, Storchak said that, "this is yet another topic."
"First, we need to agree that we are the successors, so that they recognize Russia as the successor to the USSR," he said.
"This is first thing. Then we need to agree on the methodology of re-calculating rubles, which can be an unusual currency sometimes," said Storchak, adding that the U.S. dollar equivalents are used in such matters.
The next stage is "to agree on the settlement of the resulting countable sum," he said.
"So far, we do not see these factors. First we need recognition, then the methodology of re-calculation, and then an agreement in principle," Storchak said.
Asked whether the issue will be raised at the talks with North Korea, he said he has come here to resolve "some" issues.