REUTERS
The Cabinet of Ministers has authorized the Ministry of Foreign of Affairs of Ukraine to ensure legal services provision to effectively protect Ukraine's interests in a legal dispute initiated by Russia at London's High Court in connection with a $3 billion eurobond debt.
Relevant resolution No. 141 has been published on the government website.
The Russian side in court is represented by Law Debenture Trust Corporation P.L.C. company. The Ukrainian Finance Ministry, in turn, earlier informed that it would hire Quinn Emanuel Urquhart & Sullivan, a leading international law firm specializing in legal representation in courts.
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." However, the ministry noted it would not disclose details of the defense strategy in the court.
As UNIAN reported earlier, Russia filed a lawsuit against Ukraine at London's High Court after the government in Kyiv had defaulted on $3 billion in bonds.
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.