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London court may hold hearings on Ukraine’s debt to Russia this spring

Russia was forced to take the case to the international court in London because Ukraine breached the debt payment deadline

© EPA/WILL OLIVER

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Russian Finance Ministry’s attorneys confident Moscow will win action against Ukraine

KAZAN, March 24. /TASS/. London’s High Court of Justice may begin hearings on Ukraine’s sovereign debt to Russia this spring, Russia’s Deputy Finance Minister Sergey Storchak told TASS on Thursday.

"The hearings will start when the court is ready. This is possible not just this year, but already this spring," Storchak said.

The Ukrainian government on December 18, 2015 declared a freeze on paying the debt to Russia. Prime Minister Arseny Yatsenyuk argued that Russia had refused to sign a debt rescheduling agreement alongside private lenders. In the meantime, on the eve of his statement the IMF directors declared that Ukraine’s debt to Russia was sovereign. This means the borrower state shall bear all debt payment liabilities.

On December 20, 2015 Ukraine breached the debt payment deadline. Russia was forced to take the case to the international court in London.

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