11:20 Sep. 9, 2016
Ukraine says it will not pay off ‘Yanukoych debt' to Russia
Britain's High Court in January will hear a case Moscow has filed against Ukraine for defaulting on a USD 3 billion eurobond, a deputy Russian finance minister has said.
"The court hearing has been set for January 17-20. The hearing will last three days," Deputy Finance Minister Sergei Storchak said on September 8.
Russia provided Ukraine with the USD 3 billion loan in late 2013 when Moscow-backed Viktor Yanukovych was president. But Yanukovych was ousted by a popular uprising two months later.
After failing to reach a settlement on repaying the loan, Kyiv stopped making debt payments in December, arguing that Moscow lent Yanukovych the money as a 'payola,'
Moscow, which is suffering from a protracted recession, took its case to court rather than grant Kyiv a discount on repayment of the loans. It filed a lawsuit in London in February.