MOSCOW, November 11. /TASS/. The Supreme Court of the United Kingdom will hold a session on Thursday on the case of Ukraine’s default on Eurobonds worth $3 bln, the Russian Finance Ministry says on its website.
"A one-day hearing under the appeal filed by the Trust Manager of Eurobonds - The Law Debenture Trust Corporation plc, acting on behalf of the Russian Federation, against the decision of the Court of Appeal of England regarding the full-fledged legal proceedings in respect of one aspect of the case regarding the Eurobonds of Ukraine acquired by the Russian Federation in 2013, will be held today in the Supreme Court of the United Kingdom. The appeal filed by Ukraine in connection with dismissal of its arguments pertaining to default on bonds, except one argument, by the Court of Appeal of England will also be considered during the session," the Ministry said.
In case the Supreme Court of the United Kingdom decides in favor of Russia and refuses to grant the Ukraine’s complaint on remaining arguments, Russia will have the right for recovery of the whole debt amount under Eurobonds and interest charged on the overdue debt, the Ministry noted. Thereafter it will not be possible to appeal against that decision, the Ministry added.
The total amount of claims with interest charged on the overdue debt is over $4.5 bln to date, the Ministry noted.
In 2013, Russia purchased Ukrainian Eurobonds worth $3 bln on account of the National Wealth Fund. Ukraine was to repay securities in late 2015 but the new government of the country refused to repay the debt. Litigation started in 2016.