The AGREEMENT, between Türkmenistan and the Russian Federation, is to regulate the legal matters succeeding from the debts and credits of the former USSR to foreign states.

Türkmenistan and the Russian Federation

confirm the memorandum, dated 28 October 1991, on the mutual agreement regulating the debts of the USSR and its legal successors to the foreign creditors and the contract, dated 4 December 1991, regulating the legal matters succeeding from the debts and credits of the USSR to foreign states, 

and also agree on the solutions to the matters relating to both sides on the legal matters succeeding from the former USSR’s debts and credits as below.

Matter 1

What is meant by the purpose of this agreement on the former USSR State’s debts and credits is the interpretations which are valid in the Articles 1(a) and (b) of the contract, dated 4 December 1991, concerning the legal matters succeeding from the debts and credits of the USSR to foreign states.

Matter 2

The parties confirm that the share of debts determined for Türkmenistan is equal to 0.70%, a ratio which was fixed by one indicator in the former USSR’s debts and credits to the foreign states.

Matter 3

Because of the position of the former USSR on 1 December 1991, Türkmenistan transfers its responsibilities for payment of its share of the debt to the Russian Federation, and the Russian Federation accepts those responsibilities.

Matter 4

Because of the position of the former USSR on 1 December 1991, the Russian Federation accepts the share of Türkmenistan from the state credits. Türkmenistan transfers the stated credits to the Russian Federation.

Matter 5

After this agreement comes into effect, it will be accepted that all conflicts between the parties related to the debts and credits of the former USSR to the foreign state have been 

resolved by the contract of 4^th December 1991 regulating the legal matters succeeding from the debts and credits of the USSR, in addition to the agreement of 6^th July 1991 on “the share of the full estates of the USSR in the foreign states”.

Matter 6

The stated contract will become effective when it is signed on 31^st July 1992, in Moscow, in two copies in the Türkmen language and Russian language, both of which have equal legal force.

Türkmenistan                            Russian Federation

The president                            The president

S.A. Niyazow                             Boris Yeltsin