Ukraine is ready for negotiations in good faith with Russia to reach mutual agreement in relation to restructuring in eurobonds for $3 billion, the Ukrainian Finance Ministry said on its website.

"Ukraine remains committed to negotiating in good faith a consensual restructuring of the December 2015 Eurobonds which will allow it to remain in compliance with the financing targets agreed with the IMF under the Extended Fund Facility, while meeting its contractual commitments to other bondholders," the ministry said.

"The holders of the December 2015 eurobonds decided not to participate in the debt exchange which was accepted by all of Ukraine's other bondholders. Under the terms of the new Ukrainian bonds issued on November 12, 2015 in the debt exchange, Ukraine is prohibited from paying holdout creditors in accordance with the original contractual terms. Furthermore, Ukraine may not settle with holdout creditors on terms which have a net present value higher than the net present value at issue of the sovereign bonds the holdout creditors would have received had they participated in the exchange operation," it said.

"The terms of the new Ukrainian sovereign bonds issued on November 12, 2015 also specifically provide that a payment default or other event of default under the December 2015 eurobonds will not constitute a cross-default under the new bonds," it said.

The deadline for Ukraine to pay its debt to Russia is December 20. Russian President Vladimir Putin has given instructions to begin litigation if the deadline is missed.