Georgia Clears Decades-Long Debts With Russia, Other Regional Creditors After Final Payments
Georgia has paid off its decades-long foreign debt to Russia, making a final transfer in August to settle obligations dating back to the 1990s, according to Finance Ministry data. The country also completed repayments to several other regional creditors.
The country’s final tranches to creditors include USD 4 million to Russia, along with remaining tranches to Turkey (USD 1.1 million), Kazakhstan (USD 636,000), Armenia (USD 516,000), Azerbaijan (USD 585,000), and Iran (USD 427,000).
The debt restructuring plan was agreed in July 2004 under the Paris Club of creditors, which consolidated about USD 160.6 million in arrears and maturities accumulated before November 1999. In 2004, Russia held the largest share at USD 153.2 million, followed by Turkey with USD 53.4 million, Kazakhstan with USD 27.8 million, Armenia with USD 19.6 million, Azerbaijan with USD 16.2 million, and Iran with USD 12.8 million.
As of August 31, 2025, Georgia’s total external debt stands at EUR 9.1 billion. France is its largest bilateral creditor at USD 851 million, followed by Germany with EUR 595 million.
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