Russia Pays Debt with Aluminum Instead of Dollar

The government announced on November 20 that it will accept Russia's offer to pay back the debt it owes in aluminum and copper worth approximately 63 million dollars instead of money.
The two administrations agreed upon this repayment method which marks the first time that cash-strapped Russia, in an effort to maintain some semblance of financial credibility, has fulfilled their debt repayment since the announcement of a moratorium on servicing their international debt last August.
Director Kim Chang Rok of the ministry of finance and economy said, 'We held a meeting with our Russian counterparts in Moscow and they promised these materials as the first installment out of a total 160 million dollars they intend to repay by the end of this year.'
The remaining amount will be discussed in Seoul next year regarding a potential 52 other commodities to be received, instead of cash, Mr. Kim added.