“Armenia remains the owner of the station, but the mechanism we have worked out allows for the successful resolution of the debt problem,” said Ilya Klebanov, Russia`s industry and science minister and co-chairman of the commission.

Armenia has already transferred shares in several enterprises to Russia as payment for energy debts. “This form of management will help to avoid new debts and will ensure continuous economic operation of the plant,” Klebanov said. According to Russian estimates, the plant owes nuclear fuel suppliers $42.3 million and, according to Armenian estimates $39 million, he said.