Ukrainian Prime Minister Arseny Yatseniuk said on Friday Ukraine had imposed a moratorium on the payment of a $3 billion Eurobond held entirely by Russia that matures on December 20 and on $507 million of Ukrainian commercial debt held by Russian banks. Ukraine has a 10-day grace period before it is considered to be in default.
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The two sides have been engaged in a dispute over the United States dollars three-billion loan given by Moscow the government of former Ukrainian president Viktor Yanukovych shortly before his ouster in 2013.
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The moratorium means that Ukraine is likely to default on the debt, which is due on Sunday.
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Share with Us – We’d love to hear eyewitness accounts, the history behind an article, and smart, constructive criticism. German Chancellor Angela Merkel also underlined that she “very strongly supports” the plan.
Ukraine’s moratorium on the Russian bond is unlikely to derail a bailout from the IMF, which recently adjusted its lending policy to allow participating countries to continue receiving funds even if they are behind on repaying sovereign loans.
The suspension would stay in place “until the acceptance of our restructuring proposals or the adoption of the relevant court decision”, Yatsenyuk said. But Russia has refused to accept the terms it has offered, arguing that the bond was an official bilateral loan. I am sure that we will win the case and we will charge back the money. “We are prepared for court action from the Russian side”, he said. Moscow has previously said it will take Ukraine to court if it failed to pay on time.
A proposed gas pipeline from Russian Federation to Germany that would bypass Ukraine and which European commission officials have said appears to break EU rules, has also raised tensions. Ukraine’s finance ministry sounded a more conciliatory note than Yatseniuk, saying in a statement: “Ukraine remains committed…to negotiating in good faith a consensual restructuring of the December 2015 Eurobonds”.
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“It is with concern that we have observed the discussions yesterday in parliament that effectively rejected the government’s proposals for a new tax code and the government budget for 2016”, said David Lipton, first deputy managing director of the International Monetary Fund.
