The decision to halt the payment is “effectively, a declaration of Ukraine’s default” the chairman of Foreign Policy committee in the Russian Federation Council, Konstatin Kosachev, said.
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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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Ukraine’s parliament, which has descended into fistfighting during several heated debates this year, has repeatedly called on Moscow to relinquish Crimea, which voted to join the Russian federation in an election Kiev says was rigged.
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Ukrainian Finance Minister Nataliya Yaresko said late Friday she hoped the dispute could still be resolved but Kremlin spokesman Dmitry Peskov discounted that possibility, saying “there is only the court prospect”.
Kiev had reached a restructuring deal in August with its private creditors – including major banks and investment funds – who agreed to a 20 percent cut.
In November 2015, Putin said Russian Federation was ready to restructure Ukraine’s debt in case the United States, the European Union or any big global financial institute gave its guarantees to Russian Federation.
Despite this, a default “does feed into broader concerns that the country’s International Monetary Fund programme is now at risk”, William Jackson, senior emerging markets economist for Capital Economics, said in a research note.
Kiev has refused to meet Sunday’s due date on a $3 billion (€2.77 billion) loan that Moscow gave to authorities led by former Ukrainian president Viktor Yanukovich in December 2013, when they were rocked by huge street protests. Russian Federation has suspended coal exports to Ukraine in retaliation. Yanukovych fled the country in February 2014.
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Ukraine has said it has no intention to replay it.
