Ukraine has submitted to the English court to object to Russia a lawsuit demanding the return of $ 3 billion in debt, with interest. Kiev believes that the agreement with Russia in 2013 for a loan does not invalidate
Ukraine has sent to the High Court of England objected to the Russian claim, demanding recognition of the Kiev default on Eurobonds at $ 3 billion and the payment of this debt with penalty interest. This is stated in a joint statement, the Ministry of Finance and the Ministry of Foreign Affairs of Ukraine. The document with the objections have not been published. The Secretariat of the High Court did not respond to calls RBC.
From the report of the Ukrainian authorities, it follows that Kiev proves the invalidity of the agreement on financial assistance, concluded in December 2013 between Russia and the then Ukrainian President Viktor Yanukovych. In December 2013, Russian President Vladimir Putin announced that the Russian government has agreed to invest $ 15 billion in government bonds of Ukraine. Shortly before that Yanukovych has suspended preparations for the conclusion of an Association Agreement with the European Union. Russia managed to buy at the expense of the National Welfare Fund (NWF) Ukrainian bonds of $ 3 billion, then the power in Kiev changed. The debt was structured in the form of Eurobonds under English law with a listing on the Irish Stock Exchange.
Ukraine believes that the agreement in 2013 consisted of duress on the part of Russia, said the Ukrainian Ministry of Finance and the Ministry of Foreign Affairs. Russia throughout 2013 put pressure on Ukraine in order to prevent the conclusion of an association agreement with the EU, according to the Ukrainian government. Earlier, the Ukrainian Foreign Ministry said that a Russian loan of $ 3 billion “bribe” Yanukovych from Moscow and will use this argument in an English court.
In addition, the current Ukrainian authorities believe that in December 2013 the government Yanukovych, bringing the Russian loan, violated established while state borrowing limits. The agreement with Russia was announced December 17, 2013 December 19, the Cabinet of Ministers of Ukraine approved the issue of two-year bonds at $ 3 billion, and on the same day the Verkhovna Rada adopted amendments to the state budget by increasing the maximum size of the state debt at 19.4 billion hryvnia. Ukrainian deputies explained then that the amendments are necessary to get a loan from Russia
On the question of further procedural steps Russian Deputy Finance Minister Sergei Storchak told RBC:. “We do not owe anything [in terms of the response to the objections of Ukraine the claim]. But we have the right to send their objections and comments. »
In December 2015, Ukraine imposed a moratorium on paying Russia $ 3 billion of Eurobonds, a moratorium is of unlimited duration. December 20, 2015, when the maturity of securities occurred, Ukraine failed to pay $ 3 billion and the final coupon for $ 75 million. In February 2016 Russia submitted a claim to the English court to recognize a default Ukraine and oblige Kiev to return $ 3.075 billion from the penalty interest . Formally, the lawsuit was filed by The Law Debenture Trust Corporation – the trustee of Eurobonds. Plaintiff believes that the default interest should be charged at the rate of 8%, which implies a daily increase of debt of $ 683 thousand Kiev twice endured the deadline for objections to the suit, the last time -. Until 27 May
Anti-Russian. requirements under the credit – is “one of the elements of a larger legal strategy aimed at attracting Russia accountable for its aggression and other illegal actions against Ukraine, including the illegal occupation of the Crimean peninsula,” the statement of the Ukrainian authorities. Yesterday Justice Minister Pavel Petrenko said that Kiev may apply sixth case to the European Court of Human Rights against Russia – “for violations in the territory of Donbass”. Already filed lawsuits relate to events in the Crimea, in eastern Ukraine, the son of the former head case Mejlis of the Crimean Tatars, the Russian court sentences against “political prisoners”. In addition, at the beginning of 2016 the Ukrainian government declared its readiness to file a lawsuit against Russia in the International Court of Justice.
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