London’s high court on Wednesday endorsed an expedited consideration of the claim of Russia to the Ukraine on Eurobonds for $ 3 billion. At the same time Ukraine, according to the court, lost to Russia in the merits of its position. This means that at this stage Kiev has not reached its goals. This is stated in the court’s decision, published Bloomberg.
The judge rejected all the arguments of the Ukrainian side, including those removed from Russian allegations of political pressure on Ukraine.
Kiev intends to challenge the decision of the High court of London.
“Today’s decision is the first stage. Ukraine received the judge’s permission to appeal. At the request of Ukrainian lawyers, the court also agreed today to freeze the decision until the next meeting of the court, which will be held before the end of April. The next stages of the process Ukraine will continue to defend its position and to protect the public interest,” – said the Minister of Finance of Ukraine Oleksandr danylyuk.
As explained earlier, the Ministry of Finance of Ukraine, the appeal could take another year.
As you know, the goal of Ukraine in this litigation is to invalidate a contract under which Russia gave Ukraine a loan. Kiev is not intended to be exempted from the payment of the debt, however, insists that the loan will be repaid after returning to Russia annexed Crimea and reparations from the war.
Russia, in turn, requires immediate payment of Ukraine’s debt with interest. However, due to the “freezing” of the court decision until after the appeal of Kiev should not pay.
Ukraine has received from Russia a loan of 3 billion dollars under President Viktor Yanukovych in December 2013, Russia was planning to give Ukraine $ 15 billion loan, however, before broke the key events of the revolution of dignity, to allocate only managed the first tranche.
Kiev insisted on the recognition of commercial debt with its subsequent restructuring and debt write-downs. In turn, Russia has refused the restructuring on the terms taken by private creditors of Ukraine, and demanded to recognize the government debt.
The IMF has recognized the sovereign nature of the debt, but retained the ability to continue financing of Ukraine, despite the default on this debt.
In December 2015, the Ukrainian government imposed a moratorium on debt payments on these Eurobonds.