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Ukraine received no official proposal on debt restructuring from Russia -— official

November 30, 2015, 18:55 UTC+3 KIEV
On November 18, Ukraine’s Finance Minister Natalie Jaresko also said that her ministry had not received any official proposal from Russia regarding the debt restructuring
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KIEV, November 30. /TASS/. Ukraine has not received Russia’s official proposal about the restructuring of Ukrainian debt worth $3 billion, Deputy Finance Minister Artyom Shevalev told reporters on Monday.

"We have not received Russia’s proposal via official channels," he said.

On November 18, Ukraine’s Finance Minister Natalie Jaresko also said that her ministry had not received any official proposal from Russia regarding the debt restructuring.

Speaking at the G20 summit in Turkey earlier this month, President Vladimir Putin said that Russia had proposed to Ukraine to pay its debt in installments in 2016-2018 years, $1 bln per year.

He added that Russia not just agreed to restructure the Ukrainian debt, but offered better conditions than the International Monetary Fund. Putin stressed that the final decision on the proposal should be taken in the near future.

Later, Finance Minister Anton Siluanov said that Russia was ready to restructure Ukraine’s debt against a guarantee of a major bank in particular.

"From our point of view, the proposal to restructure the debt for 3 years should be accompanied by guarantees that this proposal will be implemented by the Ukrainian side on the part of the United States or the European Union or a major bank agreed with the Russian Federation," the minister said.

Siluanov said Russia's proposal to restructure the debt of Ukraine would help the IMF avoid creation of a precedent when the order of providing financial aid by the institution must be changed.

In December 2013, the presidents of Russia and Ukraine, Vladimir Putin and Viktor Yanukovych agreed that Moscow would grant Kiev a credit worth $15 billion through the placement of Ukrainian securities. Under this program bonds for $3 billion were placed on the Irish Stock Exchange on December 20, 2013. Russia purchased the bonds using the funds from its National Welfare Fund.

Last time Ukraine made bond interest payments in June 2015. Ukraine was expected to fully pay its debt in December 2015.

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