MOSCOW, Sep 14 (PRIME) -- Ukraine has won an appeal against an earlier court decision on U.S. $3 billion Eurobond debt to Russia, and the London court scheduled another hearing of the case, Bloomberg reported on Friday.
The date of the new hearing was not disclosed.
Russia bought Ukraine’s $3 billion 2-year Eurobonds in December 2013 and later rejected restructuring conditions offered by the country to its commercial creditors. Kiev insisted that the terms of debt repayment to Russia should be the same as for private creditors. The International Monetary Fund recognized the debt as sovereign.
In February 2016, Russia filed a lawsuit with the High Court of Justice in London demanding that Ukraine pay the main debt of $3 billion, as well as $75 million of the last coupon income and additional interests accrued since December 20, 2015, the maturity date of the securities.
In March 2017, the High Court of Justice in London sided with Russia and obliged Kiev to redeem the sum. In June, the court pointed out that each day of non-payment results in the penalty of $673,000 for Ukraine. The court also obliged Ukraine to redeem 2.8 million British pounds of Russia’s legal costs.
Ukraine filed an appeal against the decision in June 2017.
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