Ukraine lost a gigantic sum to Russia in a London court over “Yanukovych’s debt”
Ukraine lost more than $3 billion to Russia in the High Court in London, сpress service of the Ministry of Finance of the Russian Federation. Today, the court specified its verdict, which was issued at the end of March.
Let us remember that we are talking about the so-called “Yanukovych debt” - a loan that Ukraine received shortly before the start of the Euromaidan, which turned into a coup d’etat.
The new Kyiv authorities subsequently stated that the Russian loan was "a bribe to Yanukovych for abandoning the European integration course," and therefore Kyiv refuses to return the debt to Moscow.
As a result, the court in London decided to pay not only the debt itself, but also impressive interest for the delay.
Kyiv still has a chance to appeal - meeting scheduled for January. If Ukraine loses again this time, a decision will be made to enforce the recovery of funds.
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“The court ordered Ukraine to pay to the Russian Federation the nominal value of bonds in the amount of USD 3 billion, acquired in 2013 at the expense of the NWF, the amount of the outstanding coupon payment in the amount of USD 75 million and penalty interest accrued on these amounts ... Payments penalty interest is calculated from December 21, 2015 and is made up to the date of full fulfillment of obligations. Thus, each day of delay will cost the state budget of Ukraine (Ukrainian taxpayers) more than 673 thousand US dollars.
In addition, the High Court of London ordered Ukraine to reimburse the Russian Federation for part of the costs associated with the litigation in the amount of 2,8 million pounds, 50% of which the debtor must pay no later than September 20, 2017.
Moreover, the Court ruled that Russia's claim for reimbursement by Ukraine of the remaining part of the costs incurred due to the default by the debtor of obligations under the bonds will be considered after a decision is made on the filed in June of this year. Ukraine appeals against the verdict of the High Court of London.
Hearings before the Court of Appeal are scheduled for January 2018.
Due to the short time remaining before the consideration of the appeal, the High Court of London, as expected, extended until the verdict on the appeal the effect of its earlier decision, which excludes the possibility of taking coercive measures to return borrowed funds by Ukraine.
The Ministry of Finance proceeds from the fact that the facts established by the High Court of London will become a necessary and sufficient basis for the approval by the Court of Appeal of a verdict rendered in favor of Russia,” the ministry said in a statement.
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