Thursday, February 18, 2016

Ukraine Says 'Fully Ready' For Court Battle With Russia

Kyiv says it is "fully ready to decisively defend its interests" against a lawsuit brought by Russia.

The Finance Ministry issued the statement on February 18, after Russia announced it had filed a lawsuit against Ukraine in the High Court in London after the government in Kyiv defaulted on $3 billion in bonds.

Russian Finance Minister Anton Siluanov said on February 17 that the case will seek to recover the principal in full, $75 million of unpaid interest, and legal fees.

The Eurobond was issued by the government of former President Viktor Yanukovych in late 2013 and bought by Russia in its entirety.

Russia declined to take part in a $15 billion restructuring that Ukraine negotiated with its other Eurobond holders last year.

Moscow wants to be treated as a sovereign debtor and has demanded better treatment than private creditors.
[Based on reporting by AFP and Reuters]


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