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Kiev looks forward to restructuring its debt to Russia out of court — finance minister

January 26, 14:33 UTC+3 KIEV
According to Natalie Jaresko, Ukraine has "a very small number of debts remaining non-restructured, including the Russian one"
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Ukraine’s Finance Minister Natalie Jaresko

Ukraine’s Finance Minister Natalie Jaresko

© EPA/ANDREW KRAVCHENKO/POOL

KIEV, January 26. /TASS/. Ukraine hopes it will manage to restructure its debt to Russia without court proceedings, Ukraine’s Finance Minister Natalie Jaresko said on Tuesday.

"Our dialogue continues. Despite complexity of the issue, I hope an opportunity is still available to find the answer outside legal proceedings, within the scope of our liabilities to the IMF and liabilities we undertook when restructuring Eurobonds," Jaresko said.

Kiev has "a very small number of debts remaining non-restructured, including the Russian one," she added.

President Vladimir Putin of Russia and Viktor Yanukovych of Ukraine reached agreement in December 2013 on Moscow's $15 billion worth loan to Kiev through the floating of Ukraine's bonds. As part of the programme, the bonds worth $3 billion were offered on the Irish Stock Exchange on December 20, 2013, and bought by Russia.

The last coupon payments were made by Ukraine in June 2015. Ukraine defaulted on the installment under its $3 bln debt to Russia on December 20, 2015. The Russian Finance Ministry initiated legal proceedings in view of that.

The latest negotiations on the debt were held between the parties on the sidelines of the IMF and World Bank session in Peru last October. Since then contacts between the parties took place through intermediaries — Germany’s Finance Ministry.

Ukraine may receive up to $10 bln of loans in 2016

Ukraine may receive up to $10 bln of loans in 2016, Ukraine’s Finance Minister Natalie Jaresko went on to say.

"If we continue pursuing and are focused on our reform program, then it will be up to $10 bln, including the IMF, bilateral and multilateral sources," she said.

Kiev expects the IMF decision on the third tranche that may total about $1.7 bln, Jaresko said. An updated draft memorandum with the Fund is currently discussed, she added.

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