REUTERS
The Ministry of Finance, together with Ukravtodor and the Yuzhnoye State Design Office, have agreed in principle with Sberbank of Russia on the restructuring of sovereign guaranteed loans to Ukravtodor and Yuzhnoe State Design Office, according to a posting on the ministry's website.
The parties have agreed to work together to achieve a settlement of the transaction as soon as possible, according to the report.
The Finance Ministry welcomed the agreement with Sberbank and noted it was in line with its IMF-supported EFF Program.
The Ministry is continuing to discuss the restructuring of other outstanding guaranteed loans within the perimeter of the debt operation, as reported.
The ministry also reiterated its readiness to continue negotiating in good faith the restructuring of the December 2015 $3 billion bonds.
As UNIAN reported earlier, on December 18, Ukraine announced a moratorium on any payments of the Russian debt, including payment of $3 billion borrowed under Viktor Yanukovych's presidency and maturing in December 2015. This moratorium also encompassed Ukraine's sovereign-guaranteed loans to Ukravtodor and Yuzhnoe owed to the Russian banks.
Total debt subject to the moratorium exceeded $3.58 billion.
Read alsoOschadbank unhappy with new name of Sberbank of Russia in UkraineIn spring 2015, Chairman of the Executive Board of Sberbank of Russia Herman Gref said that the bank had disbursed Ukraine around $4 billion worth of loans, 50% of which Ukraine did not service.
"We have a small portfolio related to the Ukrainian government, and, of course, a big number of our Ukrainian partners: Ukrainian enterprises, small businesses; not very significant individual loan portfolio. Basically, these are small and medium-sized businesses, as well as large corporations," Gref said.
Read alsoSberbank chief urges Russians to prepare for "less sweet" lifeSberbank of Russia is represented in Ukraine by its subsidiary, which has been operating on the Ukrainian market since 2001, and is one of the largest banks in terms of assets. At the end of 2014, the bank posted UAH 108 million in profit, which was five times lower the profit of UAH 572.8 million achieved in the previous year.