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Russian Finance Ministry readies plan of action for Ukraine’s default

In late December, if Ukraine does not pay off its debt this will be viewed as default, as non-payment of a state to another state, despite the IMF program, finance minister explains

Russia’s Finance Minister Anton Siluanov TASS/Mikhail Metzel

Russia’s Finance Minister Anton Siluanov

© TASS/Mikhail Metzel

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MOSCOW, October 13. /TASS/. Russia’s Finance Ministry readies a plan of action in case Ukraine declares default, Minister Anton Siluanov said at a meeting of government members with President Putin on Tuesday.

"Currently, we’re preparing a particular plan of action for Ukraine’s default. In fact, in late December if Ukraine does not pay off (its debt) this will be viewed as default, as non-payment of a state to another state, despite the International Monetary Fund’s program," Siluanov said, adding that cabinet of ministers will present the plan to President’s consideration.

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"The logic of our partners’ actions is not very clear to me as everyone is well aware of the fact that Russia participates in Ukraine’s crediting through the IMF. As far as I understand our contribution to the IMF’s efforts continues as we don’t suspend Ukraine’s crediting through the IMF," Putin said.

Siluanov said in case Kiev refuses to pay off its debt Moscow will turn to international arbitration courts and directly to the International Monetary Fund.

The Minister also said that according to the fund’s representatives, amendments to the order of providing aid are being prepared. "They explain it by general amendments to the approach being prepared so that all obligations to sovereign countries and to official creditors within /IMF/ program will not be included in the IMF financial aid. It’s clear that this is done in the current situation in order to freeze payments to the Russian Federation," Siluanov said.

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