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Siluanov: Russia not to give consent to restructuring Ukraine’s $3 billion debt

April 16, 2015, 23:50 updated at: April 17, 2015, 2:12 UTC+3
We’ll be waiting for Ukraine to fulfill its obligations," Russian Finance Minister said
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Russian Finance Minister Anton Siluanov

Russian Finance Minister Anton Siluanov

© Archive TASS/Dmitry Astakhov

WASHINGTON, April 17. /TASS/. Russia will not give its consent to restructuring Ukraine’s $3 billion debt, Russian Finance Minister Anton Siluanov told reports in response to a request to comment on the remarks by his Ukrainian counterpart Natalya Yaresko who said that restructuring Ukraine’s Eurobonds worth $3 billion related to the London Club mechanisms.

"We won’t give out consent to any restructuring. We’ll be waiting for Ukraine to fulfill its obligations," he said.

If Kiev fails to honor its commitments, Russia will court to court. "We’ll apply to the court of arbitration in accordance with the U.K. laws, the way it was stipulated in case of default or non-fulfillment of Ukraine’s obligations towards Russia," Siluanov said. He added that the conclusions to this effect could be made in December, when Ukraine was due to repay the loan.

Ukraine received $17.5 billion from the International Monetary Fund in February. Under the agreement, Kiev must restructure its $15.3 billion debt to private investors. Russia is not planning to take part in the restructuring program and expects Ukraine’s debt to be repaid in December 2015.

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