18:59 09.12.2019

Russian claims against Ukraine on eurobonds now $4.5 bln – MinFin

1 min read
Russian claims against Ukraine on eurobonds now $4.5 bln – MinFin

 Russia's claims against Ukraine related to $3 billion in eurobonds have risen to $4.5 billion including interest, according to Russian calculations, the Russian Finance Ministry said, commenting on hearings at the Supreme Court of the United Kingdom that got under way on Monday.

The court is hearing an appeal filed by the Law Debenture Trust Corporation Plc, acting on behalf of the Russian Federation, against a ruling by the Court of Appeal, which upheld a decision to reject three of the four arguments Ukraine stated in order to avoid meeting its obligations with respect to these eurobonds.

The court did not reject Ukraine's argument that the bonds were issued under pressure from Russia.

"If the Supreme Court rules in favor of the trustee [Law Debenture Trust Corporation Plc] regarding the argument concerning undue pressure when issuing the bonds and if it rejects Ukraine's three other arguments, then Russia will be entitled to receive the whole debt on the eurobonds plus the additional interest, and in future it will not be possible to appeal against that ruling. Russia remains confident that the Supreme Court will rule on all matters in favor of the trustee," the Finance Ministry said.

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