Storchak predicted a court scenario with a debt of Ukraine


Moscow. On 2 November. The situation with the debt of Ukraine to Russia for $3 billion while developing judicial scenario, considers the Deputy Minister of Finance Sergey Storchak.

Russia in December 2013 acquired the Eurobonds of Ukraine at $3 billion, their redemption will be in December. Ukraine offered Russia to restructure debt with commercial creditors, but Russia believes sovereign debt restructuring and refuses. “To date, the process develops in a judicial scenario,” Storchak told journalists.

He also stated that the discussion on changing the policy of intolerance of the International monetary Fund to overdue debts of countries that have undertaken its programme of assistance to the sovereign creditors has been ongoing, and the situation with the debt of Ukraine to Russia have catalyzed her..

“There is no solution. The decision will be issue based, apparently, both the root causes that result in the discussion, first, began is the change in the structure of creditors, and, secondly, the discussion is accelerating due to the presence of the factor to the extended funding of Ukraine and the presence of delay before a sovereign lender”, – said the Deputy Minister.

“Although work in this direction is conducted not the first year, but the episode with some Ukrainian debt have catalyzed this work, accelerated it. The corresponding discussion at the level of the Board of Directors will be in November,” – said Storchak.

Last week the head of the Russian Finance Minister Anton Siluanov expressed concern about the haste with which the IMF the context of the question with a debt of Ukraine is changing the rules of lending to sovereign borrowers.

Earlier, the IMF stated that the near future will make a decision about a policy change that will allow us to continue lending to those countries that are in arrears to the lender. Changing the rules will give the IMF the ability to provide Ukraine the next credit tranche, even in case of default on the debt to Russia. The current policy of the Fund excludes the possibility of providing further funding member country of the IMF, which is owed to the lender.

“The haste with which this is done (the abandonment of the practice not to lend to countries that have outstanding debt to official creditors), suggests that the time to discuss changes to the rules of the Fund, coinciding with the second Ukrainian review of the IMF program, was not chosen accidentally,” he said last Friday, Siluanov.