19 October 2021, Tuesday, 18:08 289

Session Of Court In Britain In Dispute Between Ukraine And Russia On USD 3 Billion Eurobonds Will Take Place In Autumn - Maliuska

Editor: Daria Zubkova

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Justice Minister Denys Maliuska states that a hearing in the Court in Britain in the dispute between Ukraine and Russia over USD 3 billion Eurobonds will take place in autumn.

He announced this in an interview with Ukrainska Pravda, Ukrainian News Agency reports.

"I cannot say 98% of the information on this matter, given the confidentiality of the topic. But yes - the next meeting will be in autumn, and it may be the last in this case," the minister said.

According to him, this case is being handled - a unique case - by the Ministry of Finance, not the Ministry of Justice.

"When this dispute arose, for some reason the Ministry of Justice refused to handle this case, the Ministry of Finance picked it up and hired foreign legal advisers. Considering that the issue is very sensitive, I would prefer the Ministry of Finance to comment on this case regarding the chances and possible solutions," added Maliuska.

According to him, the Russians would like the decision of the first instance to collect funds according to a simplified procedure to remain in force, that Ukraine does not even have arguments that would even be worth analyzing.

"And there is another option, in our favor: either go to a full trial, investigate all the evidence and arguments of Ukraine in this case, which will mean that the case will still be heard for at least a few more years, or maybe more. Or to stop the process pending a decision in any other international court, which also means stopping the consideration for some extremely long, unspecified time," he summed up.

As Ukrainian News Agency earlier reported, on March 29, 2017, the High Court of Justice ordered Ukraine to redeem USD 3 billion in Eurobonds and pay interest.

The court also allowed Ukraine to appeal and suspended its decision to pay Russia a debt in the amount of USD 3 billion.

In December 2013, Russian President Vladimir Putin and then-President of Ukraine Viktor Yanukovych agreed to provide a loan in the amount of USD 15 billion through the placement of Ukrainian securities.

The USD 3 billion bond was listed on the Irish Stock Exchange on December 20, 2013 and was repurchased by Russia.

In October 2015, after negotiations, the holders of 13 out of 14 issues of Ukraine's Eurobonds for a total of USD 14.36 billion and EUR 600 million agreed to restructure them.

Ukraine has not received consent from Russia to restructure its USD 3 billion Eurobonds with a maturity date on December 20, 2015.

In December 2015, the Cabinet of Ministers imposed a moratorium on the payment of USD 3 billion on Eurobonds.

In February 2016, Russia filed a lawsuit against Ukraine in the High Court of Justice for debt collection, and in May Ukraine filed documents for its defense in the framework of this lawsuit.