Ukraine respects the decision of the High court of London for expedited consideration of the claim of Russia to the Ukraine on Eurobonds for 3 billion USD, also known as “duty of Yanukovych”. This was stated by the Minister of Finance of Ukraine Alexander danyluk.
However, as stated by the Minister of Finance, according to Kiev, the decision ignores the economic and military aggression of Russia against Ukraine.
“Just received the decision of the English court regarding the so-called “Russian debt”, which does not recognize the position and arguments of Ukraine on the case. We respect this decision, but believe that this decision does not take into account the objective facts of economic and military aggression against Ukraine and its people that Russia does without a break in 2014,” the Finance Minister said at a briefing after a meeting of the Cabinet of Ministers.
As reported, London’s High court on Wednesday endorsed an expedited consideration of the claim of Russia to the Ukraine on Eurobonds for $ 3 billion. In this case 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.
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.