A British court has called the timing of the decision on debt of Ukraine to Russia
The UK Supreme court will make the final decision on debt of Ukraine to Russia on Eurobonds no earlier than autumn, told RIA Novosti in court.
The decision on the debt dispute between the two countries was expected this summer, but due to the pandemic in the fashion industry, its adoption was postponed. The size of the debt, as was stated by Finance Minister Anton Siluanov, at the end of last year, subject to penalties for delays has already reached $ 4.5 billion.
"In the coming months, the decision in this case is not planned. In July and August, definitely not", - told RIA Novosti the official representative of the court.
Sovereign Eurobonds of Ukraine at $ 3 billion were placed in the end of 2013 in favor of Russia with a coupon rate of 5% per annum, which at that time was below the market level. Until the end of 2015 Kiev regularly serviced the debt, but then made it the default.
The Finance Ministry filed a lawsuit in London's High court in March 2017 won: the court obliged Ukraine to pay the face value of the bonds of $ 3 billion, unrealized coupon payment of $ 75 million and penalty interest on these amounts. Each day of delay costs Kiev in 673 thousand dollars.
The court of appeal of England in September 2018 ruled on the appeal of Ukraine, confirming the validity of her waiver in consideration of three of the four grounds raised in order to avoid execution of obligations on these bonds. The court stated that the fourth argument of Ukraine (the issue of Eurobonds under pressure from Russia), unlike the others, cannot be dismissed without conducting a comprehensive trial.
Russia in November 2018 appealed to the Supreme court of the United Kingdom to organize a comprehensive process to explore the argument about the pressure on Ukraine. The UK Supreme court in December 2020 has completed hearings on the dispute about the debt of Ukraine to Russia, and departed for decision.