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Russia receives no proposal from Ukraine on debt restructuring — official

August 27, 2015, 14:07 UTC+3 MOSCOW
Russia is not planning to take part in Kiev’s debt restructuring program
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Russian Deputy Finance Minister Sergey Storchak

Russian Deputy Finance Minister Sergey Storchak

© ITAR-TASS/Sergei Karpov

MOSCOW, August 27. /TASS/. Russia’s Finance Ministry has not received any official proposal from Ukraine on its debt restructuring, Russian Deputy Finance Minister Sergey Storchak said on Thursday.

"The Finance Ministry of Russia has not received any official proposal from Ukraine on debt restructuring. The Russian leadership has said on many occasions that Russia is not participating in this debt operation," Storchak said.

Bloomberg news agency reported earlier on Thursday with reference to Ukrainian Finance Minister Jaresko that Ukraine had offered Russia to agree to a 20% write-down to the face value of its $3 billion loan.

Jaresko also said Kiev had reached an agreement with creditors on writing down 20% of Ukraine's state foreign debt.

Russian Finance Minister Anton Siluanov said in comments on Bloomberg’s report that Russia was not planning to take part in Kiev’s debt restructuring program.

Russia has held a tough position on the possibility of easing the debt repayment terms for Ukraine, consistently refusing to take part in negotiations and debt restructuring programs offered by Kiev.

Moscow expects Ukraine to fully repay its $3 billion debt in December this year.

Ukraine transferred $75 million to Russia in late June in coupon payment for its $3 billion Eurobond on time.

The Ukrainian financial authorities have said on many occasions they consider Russia’s $3 billion loan as a commercial debt and insist on its restructuring. Meanwhile, Russia insists the loan is a state debt and demands its full redemption.

Debt restructuring results are crucial for Ukraine to get new loan tranches from the IMF.

Russia made a decision in late 2013 to invest up to $15 billion in Ukraine’s sovereign Eurobonds. Soon afterwards, Russia bought Ukraine’s first Eurobond tranche worth $3 billion with a two-year maturity and a coupon rate of 5% per annum and coupon payments every six months.

Russia subsequently decided against investing the other $12 billion in Ukraine’s bonds.

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