Ukraine has sent in London’s High court response on the claim of Russia for $3 billion

KIEV, March 3. The Ministry of Finance of Ukraine sent to London’s High court proof of receipt of procedural documents in the claim of Russia on the payment of a debt of $3 billion, reported the press service of the Ministry.

“Today Ukraine has filed in the High court of England confirmation of receipt by it of procedural documents, in which Ukraine declared its intention to object to any claim”, – stated in the message.

“To represent Ukraine in this production, the Ministry of Finance of Ukraine attracted Quinn Emanuel Urquhart & Sullivan, a leading international law firm, specializing in the representation”, – emphasizes a press-service.

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Earlier, Deputy Finance Minister of Russia Sergei Storchak said that Ukraine has until March 4 to respond to the lawsuit of the Russian Federation on the debt, then the court will appoint a hearing. He reminded that total amount of the claim is $3 billion plus $75 million of the unpaid coupon.

In December 2013, the presidents of Russia and Ukraine Vladimir Putin and Victor Yanukovych have agreed that Moscow will give Kiev a loan of $15 billion through the placement of Ukrainian securities. Under this program, bonds for $3 billion were placed on the Irish stock exchange on 20 December 2013 and bought by Russia at the expense of the national welfare Fund.

The government of Ukraine on 18 December 2015, has placed a moratorium on the payment of the debt of the Russian Federation and the Prime Minister of Ukraine Arseniy Yatsenyuk motivated by the fact that Russia refused to sign the restructuring agreement together with private creditors. However, the day before, on 17 December, the IMF Executive Board has recognized the status of Ukraine’s debt to Russia of the sovereign. This means that the obligation to pay the debt incurred by the government-borrower.

20 December 2015, Ukraine has defaulted on Russia’s debt. As a result, Russia was forced to turn to the international court to recover these funds by force.