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Russia in talks with Ukraine on $3 billion debt

Staff Writer |
Russia is holding talks with Ukraine on settling the latter's $3 billion ebt issue and believes expected results will be reached, Russian Finance Minister Anton Siluanov said on Sunday.

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"We are open to talks with our Ukrainian colleagues. The main condition is that we recover the entire debt Ukraine owes us, which is $3 billion," Siluanov said during a program aired by the Rossiya 1 channel.

"We are holding such talks. I am certain that a proposal for Ukraine to fulfill its commitments will be found," he said.

The minister said that he has been discussing this matter with his German counterpart, and that such mediation in complex issues by Germany is "extremely helpful."

In December 2013, Ukraine received a 3-billion-dollar loan in the form of Eurobonds from Russia to shore up its economy amid financial crisis. The loan matured on December 20, 2015.

After Ukraine's failure to repay the debt on schedule, the Russian Finance Ministry filed a lawsuit in the High Court of Justice of England in February 2016, seeking to secure repayment of the debt.

According to the court's judgement in September 2017, Ukraine needs to pay to Russia the par value of Eurobonds worth $3 billion, the accrued interests of $75 million and overdue penalties, as well as compensate part of the expenses related to legal proceedings totaling 2.8 million pounds sterling.

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