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Russia will restructure Ukraine’s debt but Kiev should recognize its sovereign nature — PM

November 19, 2015, 13:30 UTC+3
Russia made a proposal to restructure the debt of Ukraine at $ 3 billion: it is proposed to pay the debt in three years in equal installments of $1 billion per year, starting from 2016
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Russian Prime Minister Dmitry Medvedev

Russian Prime Minister Dmitry Medvedev

© Alexander Astafyev/RIA-Novosti, Government Pool Photo via AP

MANILA, November 19. /TASS/. Russia is ready to restructure Ukraine’s debt but it’s time for Kiev "to stop showing off" in respect of the sovereign nature of the loan, Prime Minister Dmitry Medvedev said on Thursday after the APEC summit.

"It’s time to stop 'showing off' in respect of recognizing the sovereign nature of this debt," the Russian prime minister said.

According to the official, Russia is not setting forth lifting anti-Russian sanctions as a condition for restructuring of Ukrainian debt.

"For us sanctions are an issue which is not related to the loan. Let them see for themselves how to act. We don’t voice such conditions with regard to this matter," he said summing up the results of APEC summit.

Medvedev reiterated that Moscow is not asking and will not ask Western countries to lift the sanctions they imposed against Russia.

"I have nothing to say. It is not we who imposed these sanctions but a number of Western countries. What will they do, I do not know. We don’t ask them for anything and won’t ask. This makes no sense," the Russian official said.

He stressed that Ukraine is close country for Russia.

"The people who live there are close to us. We always had very intensive relations with Ukraine. That is why we are trying to negotiate on the loan, which, in fact, Ukraine wanted badly to receive," Medvedev said.

Russia made a proposal to restructure the debt of Ukraine at $ 3 billion: it is proposed to pay the debt in three years in equal installments of $1 billion per year, starting from 2016. In 2015, Ukraine will be obliged to pay only coupon of $75 million.

The IMF is currently revising the rules of lending to countries with sovereign debt. In particular it may change a rule obliging a country, which receives aid under the IMF program, to pay debt to its official creditors.

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