MOSCOW, January 27. /TASS/. The Federation Council, the upper house of Russia’s parliament, has ratified an inter-governmental agreement on settling Mongolia’s financial obligations to Russia.

As of December 2010, Mongolia’s unsettled financial obligations to Russia totaled $174.2 million. The entire sum of these liabilities was overdue debt.

Mongolia’s debt obligations to Moscow emerged in the period until the mid-1990s and comprise debts on loans provided by the former Soviet Union to Mongolia to pay about 163.7 million convertible rubles to the charter capital of the Mongolian-Soviet joint venture Mongolsovtsvetmet, as well as a surplus of 10.5 million clearing US dollars in favor of Russia under clearing accounts opened by Vnesheconombank with the State Bank of Mongolia.