Ukraine has agreed with Sberbank of Russia on restructuring of loans by $507 million

Ukraine has agreed with Sberbank of Russia on restructuring of loans by $507 million


KIEV, January 13. The Ministry of Finance of Ukraine has agreed with Sberbank of Russia on restructuring of the credits of “Ukravtodor” company and “South”.

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This was reported by the press service of the Ministry.

“The Finance Ministry welcomed the agreement with Sberbank of Russia as it meets the requirements of the program of cooperation of Ukraine with the IMF”, – stated in the message.

Previously, reaching agreement on restrukturizacii was confirmed by the head of Sberbank German Gref.

The Moratorium Kiev

In late December, the Ukrainian government imposed a moratorium on the payment of Russian debt in the amount of $3,075 billion, as well as a moratorium on the payment of $507 million, which has two Ukrainian companies Yuzhnoye and “Ukravtodor” to Sberbank and other Russian banks.

Ukraine on the brink of default and litigation

Statement of Ukraine to introduce a moratorium on the payment of Russian debt actually means its default. As told journalists the President’s press Secretary Dmitry Peskov: “in fact, the default, one might say, officially recognized by the Ukrainian side – it was the Declaration of a moratorium on payment of sovereign debt. This is the default situation recognition”. According to him, for the repayment of a debt of Ukraine to Russia there are now “virtually the only judicial perspective”.

The fact of non-payment is recognized upon expiration of 10 days after the date of payment of the obligations on external debt, i.e. on 20 December. The Finance Ministry could appeal to the international court at the Ukrainian debt from 31 December, said Deputy Finance Minister Sergei Storchak. As explained by the Deputy Minister, this is the first date, when Russia, being fully in the legal field, (to demand for repayment of the loan).

The reaction of Russian politicians to Kyiv’s introduction of a moratorium on debt repayment Russia