The federal law provides for the ratification of the Agreement Between the Government of the Russian Federation and the Government of the Republic of Cuba on Regulating the Republic of Cuba's Debt to the Russian Federation, signed in Havana on 28 September 2006.
The Agreement is designed to settle the Republic of Cuba's entire debt to the Russian Federation, a debt that resulted from the credits that Russia gave Cuba according to international agreements that were previously signed by the government of the Russian Federation and the government of the Republic of Cuba.
In accordance with the Agreement, the Republic of Cuba will repay its debt during the next ten years, including a four-year grace period. It is also provided that interest charged for delayed payments will be five percent per annum.