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Economy 2019-09-15T05:26:07+03:00
Ukrainian news
Russia Speculates About Possibility Of Selling Ukraine's Debt Of USD 3 Billion To Another State

Russia Speculates About Possibility Of Selling Ukraine's Debt Of USD 3 Billion To Another State

Russia says there is a theoretical possibility of selling Ukraine's debt to another country.

The RIA Novosti agency reports this citing Deputy Finance Minister of Russia Sergei Storchak, Ukrainian News Agency reports.

"Theoretically, this may be money or securities of another sovereign who could take the liabilities of Ukraine on the strength of its special relations with Ukraine, who could move faster in search for a compromise solution. After all, the load related to the return of over USD 3 billion is a big load on any budget. We understand it very well," he said.

He notes that Moscow has more than once stated it is ready to discuss options of settlement of the debt outside courts.

According to him, the negotiations are underway now through mediators.

He refused to comment the course of the negotiations.

As Ukrainian News Agency earlier reported, in late July 2017, the Ministry of Finance of Ukraine stated that the High Court of Justice in England ruled in favor of Ukraine and completely suspended execution of the decision that had been taken under a summary judgment procedure in the litigation between Ukraine and the Russian Federation over Russia's debt claim of USD 3 billion to Ukraine, until completion of hearing of the appeal from Ukraine.

In December 2013, Russian President Vladimir Putin and then-president of Ukraine Viktor Yanukovych reached agreement about Russia providing a loan of USD 15 billion to Ukraine by way of subscription to the Ukrainian securities.

Ukraine issued bonds worth USD 3 billion and registered them on the Irish Stock Exchange on 20 December 2013, and Russia subscribed for the bonds.

Following the negotiations on debt restructuring in October 2015, holders of 13 of the total of 14 Eurobond issuances issued by Ukraine, totally worth USD 14.36 billion and EUR 600 million, agreed to the restructuring deal.

Russia was the only state that refused to accept the restructuring terms offered to it.

In December 2015, the Cabinet of Ministers of Ukraine imposed a moratorium on payment of the Eurobonds worth USD 3 billion held by Russia.

In February 2016, Russia filed a lawsuit against Ukraine in the High Court in London to recover the debt.

Ukraine filed legal objections to the lawsuit in May.

On March 29, 2017, the High Court of Justice in England obliged Ukraine to pay USD 3 billion for Eurobonds to Russia.

At the same time, the court allowed Ukraine to appeal the ruling and issued a stay of execution.

Больше новостей о: Russia Ukraine debt Sergei Storchak