Economy 2022-01-15T06:58:16+02:00
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London Court To Start Considering Appeal From Ukraine On Ruling Under USD 3-Billion Debt To Russia On January

London Court To Start Considering Appeal From Ukraine On Ruling Under USD 3-Billion Debt To Russia On January 22

Russia, Ukraine, court, debt, Lawsuit, London

The High Court of Justice in England will start considering an appeal from Ukraine under the lawsuit on the USD 3-billion debt to the Russian Federation on January 22, 2018.

The Ukrainian News Agency learnt this from the press service of the Ministry of Finance.

In December, Deputy Minister of Finance of Russia Sergey Storchak said that the appeal would be heard from January 22 to 26, 2018.

On March 29, 2017, the High Court of Justice in England issued a ruling obliging Ukraine to repay USD 3 billion to Russia for Eurobonds.

In June, Ukraine appealed the decision.

The court ordered Ukraine to pay USD 3 billion for Eurobonds acquired by the Russian state in 2013, the delayed coupon payment (USD 75 million) and the penalty interests on the both amounts.

As Ukrainian News Agency earlier reported, 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, 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.

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