Russian min says no debt restructuring offer from Kiev so far

MOSCOW, Dec 1 (PRIME) -- Ukraine hasn’t sent its proposals on U.S. $3 billion debt restructuring to Russia so far, Deputy Finance Minister Sergei Storchak told reporters Tuesday.

“Ukraine has not sent its proposals so far,” he said, adding that talks in various forms were continuing. The International Monetary Fund (IMF) acts no more than an intermediary here, Storchak said.

President Vladimir Putin said in November that Russia is ready to receive no money in December 2015, when redemption was scheduled, and to get annual tranches in 2016–2018 on condition that the U.S. or the E.U. government or one of the international financial institutes provides guarantees for the debt repayment.

Aide to the Finance Minister Svetlana Nikitina said then that Russia had not sent any formalized proposals to Ukraine, as the international practice implies that a borrower, who can not redeem the debt on time, sends an offer.

Ukrainian Prime Minister Arseny Yatsenyuk said earlier that Russia will not get any other conditions than other creditors. The basic condition is a debt write-off by 20% and a postponement of all debts for four years, he said. Otherwise, Ukraine will impose a moratorium on bond debt repayment, he said.

Russia bought $3 billion worth of Ukraine’s 2-year Eurobonds in 2013; Moscow expected Kiev to redeem the bonds in December and did not accept restructuring conditions proposed by Ukraine.

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