REUTERS
Russian presidential aide Yury Ushakov insists that Ukraine should pay off its debt to Russia on time, otherwise Moscow reserves the right to go to court, according to Russian news agency RIA Novosti.
"Kyiv's debt obligations estimated at $3 billion owed to Russia as the official lender [bought as eurobonds before President Viktor Yanukovych fled Ukraine] must be met strictly, on time, with the maturity deadline set for December 21 this year," Ushakov said, RIA reported.
"If Ukraine fails, we reserve the right to go to court," he added.
As UNIAN reported earlier, Ukrainian Prime Minister Arseniy Yatsenyuk announced Ukraine would declare a moratorium on the payment of the so-called "Russian debt" if Moscow did not accept proposed debt swap terms.
Russia bought $3 billion worth of eurobonds from Ukraine in December 2013. They were placed on the Irish Stock Exchange and facilitated by VTB, Russia's second largest bank. A total of $15 billion was promised by Russia to help buffer Ukraine's dire economic situation on the condition a new government should be formed. But Russia had not offered new funds to Ukraine after the Maidan turmoil broke out in the country and Yanukovych fled to Russia.
The Ukrainian government called on Russia to participate in the restructuring deal, but the latter is said to have refused.
"Only one series of eligible debt instruments did not participate in the exchange offer, being the eurobond maturing in December 2015. The terms of the new sovereign notes issued today [November 12] include contractual provisions which prevent Ukraine from paying such eurobond in accordance with its terms or settling with the holders of such eurobond on terms more favorable than those received by participating bondholders in the just-completed exchange offer," the Ukrainian Finance Ministry said upon the completion of the debt swap operation.
"Ukraine regrets that that holders of such eurobond have decided not to support Ukraine's essential debt operation, but within the contractual constraints in which it must operate the government of Ukraine remains open to finding a solution with the holders of the December 2015 eurobond," it said.