A London court froze the payment of Russia of Ukraine’s $ 3 billion “debt of Yanukovych”
Ukraine will not pay Russia $ 3 billion so-called “debt of Yanukovych” until at least 2018. It was then that should be the decision on the appeal of Ukraine in this case.
“The high court (London) decided in favor of the position of Ukraine on the full suspension of the execution of decisions issued in the summary procedure, pending consideration of the appeal of Ukraine. During the meeting of may 26, 2017 in the High court in London Mr justice Blair considered a number of unresolved questions on the decisions, pronounced by the court on March 29, 2017 in the summary procedure. In particular, the court considered the statement of Ukraine on further suspending the execution of the judgment pending its review of the appeal of Ukraine in the English court of Appeal, which will take place no earlier than 2018”, – stated in the message of the Ministry of Finance.
The Ministry noted that “the court took the position of Ukraine and adopted the further suspension of the execution of the judgment pending its review of the appeal of Ukraine. It is also important that at this meeting, the English court confirmed, in spite of attempts of Russia to set burdensome conditions for the exercise of the rights of Ukraine to appeal that Ukraine was granted unconditional permission to appeal against the decision of the court of Appeal. Indeed, in its latest decision Mr justice Blair acknowledged that this is the case when the threshold conditions for granting leave to appeal, namely the appeal has a real chance of success”.
The court also denied the petition of the Trustee regarding security for costs and agreed with the position of Ukraine that the question of reimbursement of the Trustee of the litigation should be thoroughly examined by the court, that will not happen before completion of consideration of the appeal of Ukraine.
Ukraine has already filed the documents on the appeal in the English court of Appeal. The appeal must consider in January 2018.
Recall, Ukraine in December 2013, the year, during the presidency of Viktor Yanukovych, issued Eurobonds for 3 billion USD. They were bought by Russia. Now Kiev insists that this is not an official and commercial debt, and wants restructuring of its payment. Moscow does not agree and filed a complaint with the court.
London’s high court had summarily to hear the case in respect of the debt of Ukraine to Russia, known as the “debt Yanukovych” regarding the Eurobond debt to $ 3 billion.
Russia demanded expedited review and asked to ignore in the annexed Crimea. Instead, the Ukrainian side provided a written explanation of the necessity for a full trial.
According to representatives of Ukraine in this context, the agreement of the parties regarding the bonds may be cancelled.
The government of then-Prime Minister of Ukraine Mykola Azarov has received a loan in the framework of agreements between Russian President Vladimir Putin and then-President Viktor Yanukovych in December 2013. Borrowings issued through the redemption of Eurobonds of Ukraine at $ 3 billion through the Irish stock exchange. In 2015, the Russian side did not accept the terms of debt restructuring, demanding from Kiev for his return. The Ukrainian government refused to acknowledge the debt to official and insisted on its commercial basis.
In turn, the international monetary Fund has acknowledged a debt of Ukraine to Russia official, but said that lending to Ukraine will continue, even if it defaulted.
30, 2015, the Cabinet of Ministers of Ukraine adopted a decision on a moratorium on the payment of the debt of the Russian Federation.
Videodog Yanukovych: the High Court in London waiting for an appeal from Kyiv
29 Mar, 20:13