Russia and Ukraine will continue negotiations on the debt after the holidays

Moscow. December 30. Russia is ready to discuss the proposals of Ukraine on the debt by $3 billion, the maturity of which came on 20 December 2015, despite the start of the trial, said the Minister of Finance Anton Siluanov in interview to TV channel “Russia 24”.

The Minister of Finance of Ukraine Natalia Jaresko also expects to continue negotiations with Russia. “I expect that in January the dialogue will continue after the holidays,” she said at a press conference in Kyiv on Wednesday.

Ukraine did not fulfill in time its obligations to repay $3 billion of debt and payment of coupon on a $75 million If the country fails to pay the amount due within the grace period up to 31 December, the Russian Federation intends to apply to the court to recover these funds by force.

“After 31 December we refer, as provided in the prospectus in the case of non-repayment of the debt to arbitration. This arbitration will be English law”, – said Siluanov. In his words, Russia considers its chances of winning the arbitration as very high.

“If during this period the Ukrainian colleagues will change their position and will return to the discussion of the repayment of its debt, we will be ready to consider the proposals and being in litigation with the Ukrainian side,” – said Siluanov.

On 18 December, the Cabinet of Ministers of Ukraine adopted a decree, which temporarily suspended the implementation of payments on the Eurobonds of Ukraine at $3 billion, purchased in late 2013 by the national welfare Fund of Russia. The suspension is introduced from the date of their repayment on 20 December 2015.