Ukraine’s default “could obviously complicate Ukrainian access to worldwide financial markets”, although it was hard to tell to what extent, said Oleg Kuzmin, the economist in charge of Russian Federation at the CIS at Renaissance Capital investment bank.
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“Considering that Russia has refused, despite of our efforts, to sign an agreement in the restructuring and to accept our proposals, the cabinet is imposing moratorium on payment of the Russian debt worth $3 billion”, Yatsenyuk reportedly said during a cabinet meeting Friday.
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He did not indicate when Ukraine would be ready to repay the debt.
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“We never said there were not people there who carried out certain tasks, including in the military sphere”, he said, the Guardian reports, when asked by a Ukrainian reporter about two Russian military officers captured by Kyiv and now on trial in Ukraine.
It is unclear at this point how Ukraine’s imminent default will affect its four-year International Monetary Fund bailout, as the International Monetary Fund recently said it can continue to lend to countries behind in debt payments as long as the country is trying “in good faith” to reach a deal. The fact that Ukraine failed to pay back $3 billion plus $75 million of loan interest should be officially recognized upon expiry of a 10-day grace period after the payment deadline. The payment is part of a $15 billion loan arranged in 2013, prior to Russia’s 2014 annexation of Crimea and Ukraine’s interest in joining a European Union free trade zone.
Russian President Vladimir Putin last week ordered his government to sue Ukraine if it defaults on the bond, after Moscow said that Kiev has rejected its offers of debt restructuring. In March, the fund approved a $17.5 billion loan package to Ukraine that called for debt restructuring and economic reform. Ukraine has said it has no intention to replay it.
The Russian leader has for the first time admitted that Russian troops were active in eastern Ukraine during the separatist conflict.
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“IMF has confirmed the debt is official, but Ukraine has not made any suggestions, which could be based on acknowledging of the debt’s official status”.
