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Kremlin insists Ukraine's debt to Russia is not private

October 30, 2015, 12:42 UTC+3

The debt must be paid in full

1 pages in this article
© Alexandr Demyanchuk/TASS

MOSCOW, October 30. / TASS /. Moscow's stance on the debt of Ukraine has not changed - Kiev is obliged to pay it on time, the Russia president's spokesman secretary Dmitry Peskov told reporters.

"Russia's position has not undergone any changes. Russia still insists that it is not private but it is sovereign, public debt that must be paid. The Ukrainian side has such an obligation, it must be met," Peskov said.

The Ukrainian financial authorities have said on many occasions they consider Russia’s $3 billion loan to be 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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