On June 20, 1997, Russian President Yeltsin announced that Russia had been accepted as a member of the Paris Club. According to the Russian side, on June 20, 1997, Russia had reached a principle agreement with the club on the issue of joining the Paris Club. Russia agreed to exempt developing countries from part of their debt. The debt of developing countries to Russia was basically an ex-Soviet weapons sale, with an estimated total debt of up to $1200 billion. The Paris Club was founded in 1961, and its main members were the United States, Britain, France, Germany and other Western countries.