The Russian Ministry of Finance confirmed the company Law Debenture Corporation representing the interests of the Russian Federation as the only owner of bonds of Ukraine with a nominal value of $ 3 billion, payment in the amount of 1.16 million pounds.
Thus, Ukraine has fulfilled the judgement of the High court of London, on payment of the court costs incurred by the Russian side.
On September 19 the head of the Department of state debt and state financial assets of the Ministry of Finance of the Russian Federation Konstantin vyshkovsky said that Ukraine must fulfill its responsibilities for compensation for legal expenses no later than September 20.
With regard to the payment of the principal debt, the penalty is suspended pending appeal of Ukraine. A hearing on this matter should take place in January 2018. Russia’s demand for compensation by Ukraine of the rest of the expenses will also be considered after the decision on appeal.
Recall that in December 2013 Russian President Vladimir Putin and President of Ukraine Viktor Yanukovych agreed that Moscow will give Kiev a loan of $ 15 billion through the placement of Ukrainian securities. In the framework of the programme on 20 December 2013 on the Irish stock exchange bonds have been placed at $ 3 billion, then bought by Russia at the expense of the national welfare Fund.
After the overthrow of Yanukovych, the transfer of funds from Russia were frozen, and the new Ukrainian authorities announced the refusal to return the “debt of Yanukovych” in the deadline – by December 2015. The current President of Ukraine Petro Poroshenko in the summer of 2015, said the Russian credit “bribe” that the former President has received for refusing to sign the Association Agreement with the EU in November 2013.
Kiev insisted on the recognition of commercial debt with its subsequent restructuring and debt write-downs. In turn, Russia has refused the restructuring on the terms taken by private creditors of Ukraine, and demanded to recognize the government debt. In December 2015, the Ukrainian government imposed a moratorium on debt payments on these Eurobonds.
After several attempts to settle the matter extrajudicially Russia initiated legal proceedings in London.
London’s high court on March 29, took the decision to accelerate the examination of the case without a full trial, involving, in particular, the debate of the parties. The Ministry of Finance of the Russian Federation regarded the decision as final and binding upon Ukraine to pay the Russian debt. 23 June Ukraine has filed an appeal against the court’s decision.