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Ukraine files appeal to London Court against Russia in $3bn debt case

Staff Writer | June 26, 2017
Ukraine’s finance ministry filed an appeal to the London Court in the Eurobond case of $3 bln debt to Russia, press service of the ministry said.
English Court of Appeal
Dispute   Russian debt
"The Ministry of Finance of Ukraine has today, on behalf of Ukraine, filed with the English Court of Appeal the necessary papers to launch its appeal against the Judgment of the English Court" that was made on March 29, 2017 in proceedings regarding $3 billion Eurobonds (the so-called 'Russian debt'), the ministry said.

London’s High Court ruled to hear the case of Ukraine’s $3 billion debt to Russia in an expedited procedure, Judge William Blair said on March 29.

The judge also rejected all of the objections by Ukraine under Russia’s lawsuit.

The court thus upheld Russia’s position on the case’s expedited hearing.

Russia purchased Ukraine’s $3 bln Eurobond in December 2013, using money of its National Welfare Fund.

After paying the first three Eurobond coupons, Ukraine refused to repay $3.075 billion as the Eurobond’s principal and last coupon in December 2015.

After numerous attempts to settle the issue out of court, in February 2016 Russia requested The Law Debenture Trust Corporation acting as the Trustee on the Eurobond to initiate judicial proceedings against Ukraine in the High Court of London.