: Ukraine's Finance Ministry awaits Russia's next steps on USD 3 bln debt

20:53 Jul. 15, 2016

Ukraine's Finance Ministry awaits Russia's next steps on USD 3 bln debt

Source: Getty Images

Ministry says appplication will not be heard by the court until late 2016

The Law Debenture Trust Corporation Plc, acting at the direction and for the benefit of Russia in court proceedings over USD 3 billion debt, says it will be seeking summary judgement in respect of Ukraine soon, according to the Ukrainian Finance Ministry.

"With respect to the claim underway before the English Court relating to the USD3 billion eurobonds held by the Russian Federation, the Claimant, The Law Debenture Trust Corporation Plc, acting at the direction and for the benefit of Russia, had been due to file its Reply to Ukraine's Defense today," the ministry reported on its website on Friday, July 15.

"Instead, the claimant has notified Ukraine that it will be applying to the Court seeking summary judgment in respect of Ukraine's Defense in the coming days," it said.

Ukraine awaits this application and, once received, will be providing its formal response. This application is unlikely to be heard by the Court until late 2016 at the earliest, the Ukrainian ministry predicts.

"In the meantime, Ukraine reiterates the confident belief it has in the merits of its case and its full commitment to contesting vigorously Russia's claim to repayment of this alleged debt in all the circumstances of Russia's egregious and repeated acts of unlawful aggression towards Ukraine," it said.

Reporting by UNIAN.

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