The Paris Club is an informal intergovernmental group of industrialized creditor countries. It is designed to reschedule government or government-guaranteed debt, to provide solutions to debtor countries’ payment problems. The Club started to operate in 1956 when a group of creditors was invited to Paris to conduct negotiations with Argentina, thus a precedent of a Club solution to debt repayment problems was established.
In September 1997, the Russian Government signed in Paris a Memorandum of Understanding, which formalized Russia as a full-member of the Paris Club. Since the Memorandum date Russian debt claims are to acquire the status of debt claims of Paris Club members.