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Verdict on Ukrainian debt case might take several months

January 20, 2017, 10:28 UTC+3
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MOSCOW, January 20. /TASS/. According to practice, the verdict of the London High Court of Justice on the case of Ukraine’s sovereign debt to Russia could take 1-3 months, according to Russia’s Finance Ministry.

"The Court has heard the parties' positions and has retired to make a decision. Practice shows that the verdict could take from one to three months," the Ministry said.

On Thursday, the London’s High Court ended the first hearing on the lawsuit against Ukraine from The Law Debenture Trust Corporation that represents the interests of Russia.

The Ministry expects London’s High Court to approve Russia’s request for expedited hearing of the case on Ukraine’s sovereign debt.

"We are confident that the defendant’s [the Ukrainian side - TASS] line of argument does not withstand criticism. We are looking forward to the Court's decision approving Russia’s request for expedited hearing of the case against Ukraine," the Ministry said.

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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