Ukraine filed Response to Russian Claim on ‘Yanukovych Debt’ with London Court

On May 27, 2016 Ukraine filed its response to Russia’s claim on the ‘$3 Billion debt’ of ex-President Viktor Yanukovych with the English High Court of Justice, as the Joint Statement of Ukraine’s Ministry of Finance and the Ministry of Foreign Affairs points out.

"Ukraine’s Defense proves that the loan agreement is void and unenforceable for multiple reasons, including Ukraine’s lack the capacity to sign the agreement that exceeded the borrowing limits set up by then," the Statement reads. It also underlines that the agreement was made "through duress that Russia exerted on Ukraine throughout 2013 in order to prevent Ukraine from signing an Association Agreement with the EU".

The Government states that Ukraine intends "to defend this action vigorously as part of a broader legal strategy designed to hold Russia accountable for its aggression against Ukraine, including occupation of the Crimea".

The Defense was made to contest the suit that The Law Debenture Trust Corporation PLC — trustee of Russian $3B loan to Ukraine — filed in February 2016 with the High Court of Justice in London. The plaintiff requested Ukraine to repay the defaulted bond in full that Russia bought in December 2013 and $137 million default interest. In 2015 Ukraine restructured its foreign debts but Russia refused to participate.

Source: Ekonomichna Pravda