Around the World's Markets: Moscow

THE RTS index soared to a four-month high, amid hopes that foreign creditors are likely to forgive one-third of the $32bn Soviet debt owed to the London Club. Oil stocks helped to boost the index by 2.8 per cent to 117.08.

Analysts said the London Club of commercial creditors was likely to agree 35 per cent debt relief and restructure payments over 20 to 30 years, including a five-to-eight-year grace period. Talks are paving the way for a formal signing and approval early next year.