WASHINGTON -- Russia has failed to make $95.7 million in payments on loans backed by the U.S. government to buy grain and farm products, the Agriculture Department said.

Cameron Bruemmer, deputy director of public affairs, said Monday that the department had received word that Russia missed payments totaling $27.4 million, in addition to $68.3 million previously in arrears to six U.S. and foreign banks.

Agriculture Secretary Edward Madigan has said he believes the Russians have the ability to repay the loans.

"Our position is, we still believe this will resolved," Mr. Bruemmer said.

Notices on those missed payments were received before Christmas, Mr. Bruemmer said, adding that more defaults were expected this week.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.