UK court allows Ukraine to use Russian pressure argument in Eurobond case
MOSCOW, March 15 – RIA Novosti. The UK Supreme Court allowed after the court decision to use the argument of Russian pressure to protect Ukraine’s interests in case it owes Eurobonds to the Russian Federation.
“The Supreme Court unanimously ruled that the Trust (The Law Debenture Trust Corporation plc, a Eurobond trustee acting on behalf of the Russian Federation – ed.) is not entitled to issue summary judgment. This means that Ukraine will be allowed to defend its interests. The Supreme Court Debt lawsuit on bonds at a hearing in … They (judges – ed.) believe that Ukraine should be allowed to defend the claim based on the argument of coercion, “says the court decision.
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RIA Novosti requested a comment from the Ministry of Finance of the Russian Federation.
At the end of 2013, Ukraine’s 3 billion dollar Eurobonds were issued in favor of the Russian Federation with an annual coupon rate of 5%. Until the end of 2015, Kiev paid off its debt, but then defaulted.
The Ministry of Finance of the Russian Federation filed a lawsuit with the London Supreme Court and won in March 2017: the court awarded Ukraine $3 billion in nominal value of bonds, $75 million in outstanding coupon payments, as well as criminal interest on these amounts. is carried.
In September 2018, the UK Court of Appeals, ruling on Ukraine’s complaint, affirmed the legitimacy of its refusal to consider three of the four grounds stated for avoiding fulfilling obligations under these Eurobonds. At the same time, the court stated that Ukraine’s fourth argument (issuing Eurobonds under pressure from Russia) could not, unlike the others, be rejected without a thorough trial.
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Source: Ria
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