Ukraine preparing response to Russia's claim on $3 bln bond

"Legal work is being carried out with legal advisors, meanwhile we refrain from any comment," he said.

He said it was too early to comment on the pace of the litigation.

As earlier reported, Russia filed a lawsuit against Ukraine at London's High Court after the government in Kyiv had defaulted on $3 billion in bonds.

Following Russia's appeal to the court, the Ukrainian Finance Ministry published a statement arguing that Ukraine's position had not changed on the issue, and "Ukraine intends and is fully prepared to vigorously defend its interests in the December 2013 eurobonds case before the English Court."

On December 18, 2015, 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. The moratorium came into force on December 20, 2015.

Payments under the debts are suspended until the acceptance of Ukraine's proposals regarding the restructuring [of the debt] or the receipt of a relevant court decision.

On December 16, 2015, the IMF Executive Board decided that the claim arising from the $3 billion eurobond issued by Ukraine on December 24, 2013, and held by Russia's National Wealth Fund was an official claim for the purposes of the Fund's policy on arrears to official bilateral creditors.

In mid-January, Ukrainian Finance Minister Natalie Jaresko stressed that Ukraine would not offer new debt restructuring terms to Russia, but the format of the restructuring operation may differ from the one Ukraine carried out in August-November 2015.

As UNIAN reported earlier, on August 27, 2015, Ukraine and the creditors' ad hoc committee reached an agreement on the restructuring of public debt, totaling $15 billion. The restructuring involves a complete write-off of $3 billion, deferral of payments under the principal debt for four years, as well as the establishment of a single 7.75% interest rate for the bonds.