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Kiev is not ready to comment on Russia’s $3 bln debt lawsuit against Ukraine — official

Last week, Russia’s Finance Minister Anton Siluanov said that Russia is still expecting proposals from Ukraine on the debt restructuring, but these proposals must be adequate

© Alexandr Demyanchuk/TASS

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Ukraine has to respond to Russia’s claim on debt before March 4 — official

KIEV, February 29. /TASS/. Kiev is holding juridical consultations on Russia’s $3 bln lawsuit against Ukraine, that was filed to the High court in London, Deputy Finance Minister Artem Shevalev told reporters.

"Some juridical work with legal advisers is under way, so far we don’t comment on it," the official said as cited by the UNIAN.

The deputy minister declined to comment on the details of the consultations and further plans of the Ukrainian authorities to settle the debt issue with Russia.

Last week, Russia’s Finance Minister Anton Siluanov said that Russia is still expecting proposals from Ukraine on the debt restructuring, but these proposals must be adequate.

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"Despite filing a lawsuit to the High Court in London we are ready to consider proposals of Ukraine on how they see the debt servicing and settlement. We are open for discussion. But I repeat it that we need adequate proposals," he said.

Earlier this month, Russian Deputy Finance Minister Sergey Storchak said that Ukraine has to respond to Russia’s claim on debt before March 4, after that the court is going to appoint a hearing.

He noted that the total amount of the claim amounts to $3 bln, plus $75 mln of interest.

In December 2013, Russian President Vladimir Putin and at the time Ukrainian President Viktor Yanukovych reached an agreement that Moscow would extend a $15 bln loan to Kiev through placing Ukrainian securities. Under the deal, bonds worth $3 bln were listed on the Irish Stock Exchange on December 20, 2013, and acquired by Russia using the funds from its National Welfare Fund.

On December 18, 2015, Ukrainian Prime Minister Arseniy Yatsenyuk said that the Ukrainian government imposed a moratorium on payment of $3 bln debt to the Russian Federation because of Russia’s refusal to sign a restructuring agreement on an equal basis with private creditors. On December 17, 2015, the International Monetary Fund board recognized the official status of Russia’s loan to Ukraine, which meant that the sovereign borrower is under repayment obligation.

On December 20, 2015, Ukraine exceeded the term limit of debt payment. Russia had to turn to an international court in order to recover the money in an enforcement procedure.

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