The Ukrainian delegation and the ad hoc creditors' committee have held detailed discussions in San Francisco on the restructuring of Ukraine's sovereign external debt, according to a joint statement of the Ukrainian Finance Ministry and the ad hoc creditors' committee posted on Friday.

"Talks are ongoing," the statement reads.

Earlier, Ukrainian Finance Minister Natalie Jaresko announced this meeting as "a final round of talks on debt restructuring."

Sovereign debt restructuring is part of an international bailout program developed for Ukraine, however, Ukraine and its creditors stood at an impasse from March to the end of June. In the middle of May, Kyiv even announced it might introduce a moratorium on debt servicing if the holders of about $20 billion in bonds did not agree to enter the talks where the Finance Ministry proposed writing off 40% of principal debt, extending maturity and reducing bond coupons.

The creditors' committee, representing the four major holders of bonds worth $8.9 billion, in turn argued that without writing off the principal Ukraine will be able to meet the IMF's required parameters of debt burden by offering long-term deferral of payments.

Kyiv insisted on writing off considering the parameters of the IMF program, threatening from late May to introduce a moratorium on payments, but simultaneously proposing additional "cost recovery instruments" from mid-June, payments on which will be held if Ukraine achieves higher than projected figures of GDP growth.

The talks were unblocked after a meeting of Ukraine with the creditors and IMF representatives in Washington on June 30. In the middle of July, the sides announced they had achieved progress at the talks, and last week international media reported that the creditors had agreed for the first time on writedown, agreeing to a mere 5% haircut.

Jaresko said that the haircut is insufficient, and on August 4, Ukraine sent the creditors a revised debt restructuring proposal whose details haven't been disclosed, and originally scheduled a meeting with creditors in London on August 6.