Finance Ministry rejects to pay on Russian debt, official statement

UKRAINE - In Brief 17 Dec 2015 by Dmytro Boyarchuk
Yesterday, on December 16 the IMF Executive Board decided that $3 billion of Ukrainian Eurobonds Russia’s National Wealth Fund purchased in 2013 is an official claim for the purposes of the Fund’s policy on arrears to official bilateral creditors. Previously, on December 8 the IMF changed its lending rules effectively allowing IMF lending even for those countries that have arrears to its official creditors. Today, on December 17 Finance Ministry of Ukraine officially rejected to pay Eurobonds, that Russia holds, citing debt restructuring deal with creditors which forbids provision of better conditions for creditors that did not join restructuring agreement. Finance Ministry anticipates that cooperation with the IMF will continue given that lending rules have been changed. Now we should expect Russia addressing its claim to the court while Ukraine will try to join this claim with trials on damages from occupation of Crimea and Eastern Donbas.

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