Tag Archives: soviet rubles

Soviet rubles, Cuba’s debt, the Paris Club and simple math

Marc Frank, writing for Reuters, reports today that the Paris Club is looking to re-open negotiations with Cuba regarding its foreign debt, and mentions Cuba’s outstanding debt to Russia of 20 billion Soviet rubles as a stumbling block.

In 2001, when the Economist wrote about Cuba’s Soviet ruble debt, it pegged the value of that 20 billion debt at $690 million USD, while pointing out that in 1991, 20 billion rubles equaled $11.8 billion.  If you check the Russian ruble -> USD conversion rate today, you’ll find that a 20 billion Russian ruble debt is currently worth $662 million.  What will it be worth next year?  What was it worth in 1997? Continue reading

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