Friday, September 30 2016 16:32 EEST
Ukrainian Finance Minister: Negotiations with Russians over Yanukovych's $3 billion debt would be possible in the presence of the Germany and the IMF
Ukrainian Finance Minister Danyliuk , Negotiations, Siluanov, Russia, suit,  $3 billion debt, Germany, IMF

The information about possible meeting concerning $3 billion debt on Eurobonds issued under Yanukovych's regime came from the Minister of Finance of the Russian Federation.

Anton Siluanov did not indicate the exact time and place of such meeting and thus any official proposals haven`t been announced, but Siluanov noted his intention to organize given negotiations with his Ukrainian colleague Oleksandr Danyliuk in order to resolve the question of debt refunding. An approximate time and place of the meeting could be after the autumn session of the IMF and the World Bank, possibly in Germany.

Russia was not going to put up with conditions of debt refunding set by Ukrainian side. Early Ukrainian Finance Ministry refused to pay the principal amount and interest on a $3 billion loan taken by Yanukovych as the "political bribe" to stop Ukraine–European Union Association Agreement. Russia filed a suit against Ukraine with the London High Court demanding to repay a $3 billion loan. Also there were controversy concerning the nature of the debt - whether it is commercial, as Ukraine regards, or interstate, according to Russia.

Ukraine presented its conditions of $3 billion eurobond resructuring under sovereign and sovereign-guaranteed bonds, but Russia insisted the loan to be commercial.

Following Russia's refusal to participate in the debt operation, Ukraine on December 18 announced a moratorium on any payments of the Russian debt, including repayment of $3 billion, which was due in December 2015. The Justice Ministry was tasked to hire lawyers to defend Ukraine in court. Subsequently, Ukraine's parliament declared that the moratorium had no fixed term, Unian reports.

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