The Soviet-era debt to commercial lenders accrued as a result of the export of goods and services by foreign companies. The Russian Finance Ministry estimates the principal sum of this debt at more than $1.7 billion.

“The commercial debt will be swapped in about a month after the second tranche is officially announced,” the ministry said.

The Finance Ministry earlier said it planned to officially announce the second stage of the former Soviet Union’s commercial debt swap next week.

At the second stage, Russia will swap debt claims worth about $600 million. Creditors’ claims will be swapped on the terms of the London Club of commercial lenders, i.e. for Eurobonds with a maturity in 2010 and 2030 and partially for cash, the ministry said.

The Finance Ministry swapped the first tranche of Russia’s Soviet-era debt to commercial creditors for its Eurobonds in December 2002. Claims worth $1.28 billion were recognized for the swap, and as a result, Russia’s Eurobond issue totaled $1.37 billion.