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London court binds Ukraine to pay par value of Eurobonds to Russia

July 26, 15:05 UTC+3

Russia bought Ukrainian Eurobonds worth $3 bln in December 2013 at the expense of resources from the National Wealth Fund

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© Alexandr Demyanchuk/TASS

MOSCOW, July 26. /TASS/. The High Court of London bound Ukraine to pay 2.8 mln pounds sterling to Russia as the compensation of legal costs, the Russian Finance Ministry said on Wednesday.

"The High Court of London bound Ukraine to compensate a portion of costs related to legal proceedings to Russia in the amount of 2.8 mln pounds sterling, with 50% to be paid by the debtor at the latest of September 20, 2017," the ministry said.

The Court was more specific about its verdict of March 29, 2017 made in favor of Russia in the claim against Ukraine on $3 bln debt. The Court bound Ukraine to pay to Russia the par value of Eurobonds worth $3 bln, the coupon payment of $75 mln and penalty interests on these amounts. 

Russia bought Ukrainian Eurobonds worth $3 bln in December 2013 at the expense of resources from the National Wealth Fund. Ukraine defaulted on Eurobonds in December 2015.

"The Court bound Ukraine to pay to Russia the par value of bonds in the amount of $3 bln, the amount of outstanding coupon payment of $75 mln and penalty interests accrued on these amounts," the Russian Finance Ministry said.

The appeal will be reviewed in January 2018, the Russian Finance Ministry said on Wednesday.

"The Court ordered that Russia’s claim in respect of Ukraine to compensate the remaining portion of expenses sustained due to debtor’s default on bonds will be considered after issuing the decision on the appeal filed by Ukraine in June 2017 against the verdict of the High Court of London. In view of a short period remaining before appeal consideration, the High Court of London expectedly extended the effect of its earlier made decision excluding enforcement measures for recovery of borrowed funds from Ukraine," the Russian Finance Ministry said. The hearing of the appeal is scheduled to January 2018.

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