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UK Supreme Court Hears Recent Explanations From Ukraine In Dispute With Russia Over USD 3 Billion Eurobonds

UK Supreme Court Hears Recent Explanations From Ukraine In Dispute With Russia Over USD 3 Billion Eurobonds

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Russia, Ukraine, eurobonds, UK, Supreme Court of the United Kingdom

The Supreme Court of the United Kingdom heard the latest explanations from Ukraine in support of Ukraine's position that Eurobonds worth USD 3 billion were issued in 2013 as a result of coercion by Russia.

The Ministry of Finance of Ukraine has said this in a statement, Ukrainian News Agency reports.

At a hearing held on November 11 at the United Kingdom's Supreme Court, Ukraine took the opportunity to reiterate its legal position regarding a claim brought against it by Russia in relation to USD 3 billion Eurobonds.

These Eurobonds were issued in December 2013 as an ordinary publicly traded debt instrument, however, 100% of these bonds were purchased by the Russian Federation, which indicates that the situation is extremely exceptional.

Ukraine has consistently argued that, as a result of the threats carried out by Russia prior to the Eurobonds issue, and both economic and military aggression by Russia resulted in Ukraine being deprived of its choice and, as a result of Russian coercion, Ukraine eventually entered into agreements to issue Eurobonds.

Accordingly, Ukraine's position is that either the bond issue should be declared invalid by the court due to the fact that it was carried out under duress, with the investigation of Russia's actions in court in full procedure in open court proceedings, or it would be fair to stop the court proceedings if the English court will consider that, on procedural grounds, the court is unable to consider the arguments of Ukraine's line of defense.

This is precisely the position stated by the English Court of Appeal in its very important decision, which was passed in September 2018.

Ukraine remains confident in the positive result of the solution of the case, initiated as one of the elements of the general strategy for the implementation by Russia of aggression against Ukraine, which the Russian Federation continues to implement today.

Ukraine reaffirms its intention to resolutely oppose manifestations of aggression by Russia.

At the conclusion of the hearing, the Supreme Court is expected to finalize its decision and move on to deliver it.

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.

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