Text of Ukrainian-Russian protocol

Following is a translation (provided by IntelNews) of the protocol signed in Moscow on January 16 by Ukraine and Russia:

Russia and Ukraine agree to the following procedure of servicing the foreign debt of the former USSR.

1. Russia and Ukraine accept responsibility for the debt of the former USSR. Russia and Ukraine will be individually responsible for servicing the foreign debt of the former USSR, whereby Russia and Ukraine take responsibility for corresponding parts of this debt.* In case one of the sides violates the schedule of payments, the other will not be responsible for the non-fulfillment of obligations.

2. Russia and Ukraine each appoint separate agents to manage the debt with authority to service the foreign debt of the former USSR. The authority of these agents will be defined by mutual agreement between Russia and Ukraine.

3. Russia and Ukraine will sign an inter-state agreement by March 31, 1993, on the management and division of all assets of the former USSR (as defined by inheriting countries of the former USSR) and will conduct the actual division of these assets according to agreed deadlines.

All incomes derived from the management of foreign assets of the former USSR will be deposited into a special account opened by the debt management agents [of each country]. This account will be audited by a company with an international reputation.

4. Russia, Ukraine and the debt management agents will present all requested information to the Paris and London clubs.

5. The text of the protocol constitutes a single entity.

* To be specified.

Copyright © The Ukrainian Weekly, January 24, 1993, No. 4, Vol. LXI

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