London’s high court will speed up consideration of the case on the debt of Ukraine to Russia
The case of Ukraine’s debt to Russia on Eurobonds for three billion dollars will be considered by the UK High court in an expedited manner. The decision, as reported by RIA Novosti, announced judge William Blair.
Accelerated proceedings involve the conduct of the proceedings without some elements, for example, without debate of the parties. Russia has filed a motion for expedited consideration, because they believed that Ukraine has no real chances to challenge the requirement about payment of the debt on the bonds.
On 24 January, the Deputy Minister of Finance Sergey Storchak said that London’s High court retired to consider the fate of the Ukrainian debt before Easter, April 16.
Kiev has outstanding sovereign debt (IMF recognizes its state). Moscow has extended a loan of three billion dollars to Ukraine in December 2013, when President Viktor Yanukovych. The money was allocated through the purchase of Ukrainian Eurobonds.
Later Kiev offered Moscow to restructure the debt, presenting him as a private. Russia rejected the offer, refused, appealed to the High court in London. In early may 2016, Ukrainian President Petro Poroshenko has signed a law to impose an indefinite moratorium on payment of debt to Russia. Thus, the Ukrainian authorities refused to recognize the default at the end of 2015.