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Ukraine has not responded to Russia’s proposal on $3 bln debt restructuring yet — minister

December 01, 2015, 15:47 UTC+3 MOSCOW
In November, speaking on the G20 summit in Turkey, President Vladimir Putin said that Russia had offered Ukraine to repay its $3 billion debt by $1 billion annual installments in 2016-2018
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© Alexandr Demyanchuk/TASS

MOSCOW, December 1. /TASS/. Ukraine has not officially responded to Russia’s proposal to restructure its $3 bln debt, Russia’s Deputy Finance Minister Sergey Storchak told reporters on Tuesday.

"Ukraine has not sent its proposals yet," he said when answering the question on how Kiev reacted to the terns of its debt restructuring.

"We have a single proposal that was voiced by [president] Vladimir Putin in Antalya. There are not any other proposals on the table," he said.

According to him, Russia expects Ukraine to reply on this proposal before December 8.

"We proceed from the intention to reach an agreement before December 8, because on December 8 the IMF will vote on changes in its policy," - the Deputy Finance Minister said.

In November, speaking on the G20 summit in Turkey, President Vladimir Putin said that Russia had offered Ukraine to repay its $3 billion debt by $1 billion annual installments in 2016-2018. Putin stressed that Russian not only offered the restructuring but also the terms which are better than those that were asked by the IMF.

Putin added that Russia had asked for guarantees on Ukraine’s debt from either the United States government or from the European Union, or from one of the international financial institutions.

Finance Minister Anton Siluanov said Russia's proposal to restructure the debt of Ukraine will help the International Monetary Fund /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 dollars 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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