The adoption of the Federal Law supports Russia’s interests and will contribute to the further development and strengthening of friendly relations and economic cooperation between Russia and Venezuela, Konstantin Kosachyov believes.
The Federation Council has approved the law ratifying the Protocol to the Agreement between the Government of the Russian Federation and the Government of the Bolivarian Republic of Venezuela on a state loan to the Government of Venezuela dated 8 December 2011.
Chair of the Federation Council Committee on Foreign Affairs Konstantin Kosachev delivered a report on the issue.
According to Kosachyov, the Protocol is special because it will come into force after the implementation of the relevant domestic procedures on both sides. According to the Russian Foreign Ministry, the Venezuelan side has completed its procedures that are required for the Protocol’s enactment in June 2020.
“The protocol adjusts the conditions influencing the fulfillment of Venezuela’s obligations to Russia to pay off the principal debt and interest, as well as the procedure for making payments, and also establishes a schedule for consolidated debt repayment,” the senator said.
This is not about changing any terms of the agreement or the parameters of the loan, but about the procedures for servicing it, he emphasised.