RUSSIA NEAR AGREEMENT WITH LONDON CLUB.

A critical mass of Russia’s commercial bank creditors (the "London Club") has agreed to the reschedule Russia’s $ 35 billion debt. Deputy Finance Minister Mikhail Kasyanov said that banks holding more than $20 billion of the debt had given their assent, and that this would pave the way to a final deal by the end of the year and the launch of Russia’s first eurobond issue. (Financial Times, September 14)

IMF Approves Latest Tranche for Russia.