The Court of London granted complaint of Ukraine in $3-billion-debt dispute with Russia
In 2013, Russia bought Ukrainian Eurobonds for $ 3 billion with a coupon rate of 5% per a year. After 2015, Ukraine ceased to serve the debt, as a moratorium on payments to creditors, including Russia, was introduced in the country.
The Court of London granted a complaint of Ukraine in a dispute with Russia regarding a $3 billion debt, RIA Novosti reports. Now, the court is to start hearings on the dispute.
Russia’s Finance Minister Anton Siluanov commented on this decision saying that he is intended to apply to the Supreme Court of England. "The current decision postpones the final decision on the settlement of the dispute between the Russian Federation and Ukraine for some time. We hope that the next instance, the higher authority, will finally take an objective decision," he said.
In 2013, Russia bought Ukrainian Eurobonds for $ 3 billion with a coupon rate of 5% per a year. After 2015, Ukraine stopped servicing its debt, as the country imposed a moratorium on payments to creditors, including Russia.
The Russian Ministry of Finance appealed to the High Court of London. In March 2017, the court ordered Ukraine to pay Russia nominal value of the bonds - $ 3 billion, the amount of the unfulfilled coupon payment - $ 75 million, as well as an interest. Each day of delay cost Kiev $673 thousand, however, Ukraine appealed this decision.