13:34 14.09.2017

Supreme Court in London could be final instance in Ukraine vs Russia debt lawsuit

Supreme Court in London could be final instance in Ukraine vs Russia debt lawsuit

The decision of the Court of Appeal of London could be challenged in the Supreme Court, according to an offering memorandum for Ukraine's eurobonds.

If Ukraine loses the counterclaim in the Court of Appeals or later in the Supreme Court and is not awarded with a decision on the suspension of the execution of the decision of the High Court in London issued on March 29, 2017, it will be liable for being executed.

The hearings in the Court of Appeal are scheduled for January 2018.

Ukraine recalled that the International Monetary Fund (IMF) has a requirement to fairly settle this debt.

In December 2015, the IMF said that eurobonds bought by Russia are an official debt… The revised rules of the IMF permit providing financing to Ukraine despite the availability of unregulated official debt.

As reported, the High Court in London late May 2017 approved an application of Ukraine to suspend the execution of the decision made on March 29, 2017 regarding $3 billion eurobonds bought by Russia.

In addition, late July 2017 the court said that unconditional permission has been given to Ukraine to appeal against the judgment to the Court of Appeal.

The court also refused the trustee's request for security for costs, and agreed with Ukraine's position that the question of the reimbursement of the Trustee's costs of the proceedings must be subjected to detailed scrutiny by the court, which will not take place until after Ukraine's appeal has been concluded.

The Finance Ministry of Russia said that London's High Court on March 29, 2017 ruled that Ukraine needs to pay back Russia $3 billion in eurobonds along with accrued interest after reviewing Russia's case against Ukraine in an expedited procedure.

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