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Finance ministers of Russia and Ukraine can meet if Kiev's debt is recognized as sovereign

October 28, 2016, 18:48 UTC+3
Ukraine holds the position that its $3 bln debt to Russia is not a sovereign one
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Russian Finance Minister Anton Siluanov

Russian Finance Minister Anton Siluanov

© Artyom Korotayev/TASS

MOSCOW, October 28. /TASS/. Russian Finance Minister Anton Siluanov can only meet with his Ukrainian counterpart if the Ukraine's debt to Russia is recognized as sovereign,  said on Friday.

"A meeting should be held with Ukraine in case there is an effect from such meeting. We may expect the result solely in case the debt [to Russia - TASS] is recognized as sovereign and if restructuring terms better than for commercial lenders are discussed. If the Ukrainian party comes to such proposals, we will meet," Siluanov said.

Ukraine holds the position that its $3 bln debt to Russia is not a sovereign one, representative of Ukrainian Finance Ministry told TASS earlier.

In December 2013, Russian President Vladimir Putin and the then President of Ukraine Viktor Yanukovich agreed on a $15 bln loan to be extended to Kiev through placing Ukrainian securities. Under the deal, three-billion-U.S. dollar worth of bonds 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 Ukraine’s government imposed a moratorium on debt payment to the Russian Federation because of Russia’s refusal to sign a restructuring agreement on an equal basis with private creditors as Prime Minister Yatsenyuk said. Meanwhile, on December 17, the board of directors of the International Monetary Fund (IMF) recognized the official status of Russia’s loan to Ukraine as sovereign. On December 20, 2015 Ukraine failed to make a payment on its debt to Russia. The Russian Finance Ministry filed a lawsuit against Ukraine to London’s High Court of Justice in February 2016.

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