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The UK Supreme Court will make the final decision concerning Ukraine's sovereign debt to Russia not sooner than in the coming fall

July 20, 2020 | Cbonds

Ukraine's sovereign Eurobonds of $3 billion were placed at the end of 2013 in favor of the Russian Federation with a coupon rate of 5% per annum, which at that time was below the market level. Until the end of 2015, Kiev regularly paid its debt, but then defaulted on it.

The Ministry of Finance of the Russian Federation filed a lawsuit with the High Court of London and won it in March 2017. The court sentenced Ukraine to pay the par value of bonds of $3 billion, an unfulfilled coupon payment of $75 million, as well as penalty interest accrued on these amounts. Every day of delay costs Kiev $673,000. 

In September 2018, the Court of Appeal of England ruled on the complaint of Ukraine, confirming the legality of its refusal to consider three of the four grounds stated to avoid fulfilling the obligations under these Eurobonds. At the same time, the court stated that the fourth argument of Ukraine (the issue of Eurobonds under the pressure of Russian), unlike the others, cannot be rejected without a comprehensive legal process.

In November 2018, Russia appealed to the UK Supreme Court against the decision to organize a comprehensive process to examine the argument about pressure on Ukraine. In December 2019, the UK Supreme Court completed hearings on a dispute over Ukraine's debt to Russia and retired to make a decision.

Company: Ukraine

Full company nameUkraine
Country of riskUkraine


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