Russia and Cuba will sign an agreement on the settlement of Cuba’s debt worth $30 billion by the end of the year, with part of the debt to be written off and part to be restructured, Russian Industry and Trade Minister Denis Manturov said Friday, Feb 22, according to RIA Novosti.

“There was an accumulated debt of Soviet Union-granted loans, and now an agreement has been drafted, which does not yet enter into force but is initialed until all coordination procedures are conducted,” Manturov said.

Earlier Friday, Russia and Cuba initialed the debt settlement agreement. Russian Deputy Foreign Minister Sergei Ryabkov and Ricardo Cabrisas, vice president of the Cuban Council of Ministers, put their signatures under the document in the presence of Russian Prime Minister Dmitry Medvedev and Cuban leader Raul Castro.

Russia is the Soviet Union’s legal successor regarding loan payment.

Manturov did not specify which part of the $30 billion debt will be written off.

Medvedev arrived in Cuba on Thursday following a visit to Brazil.