UPDATE: Minister says Russia still ready to mull Kiev’s $3 bln Eurobonds

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MOSCOW, Jan 22 (PRIME) -- Moscow is ready for negotiations in good faith with Kiev on its $3 billion Eurobond, but talks have not been started due to the debtor’s uncompromising stand, Finance Minister Anton Siluanov reiterated on Friday.

“Russia is still open for to negotiations in good faith with Ukraine, but these talks have not been launched yet due to Ukraine’s uncompromising stand,” he said, adding that Kiev still insists that the Eurobonds are not sovereign debt even after the International Monetary Fund (IMF) had recognized them as such.

“The established practice stipulates that the official credit of the Russian Federation cannot be included into the recent restructuring of debts to private creditors, and the Russian Federation has to receive better conditions that commercial creditors have received,” Siluanov said.

“Ukraine cannot say that it is ready for talks in good faith and at the same time insist that they will only discuss an option that has already been offered to private creditors. Especially now, when the IMF recognized the Eurobond debt to the Russian Federation is official.”

Russia is still preparing a suit against Kiev’s non-redemption of the debt in December 2015, and is sure it will be able to demand redemption of the body of the Eurobonds, a $75 million interest and legal expenses, he added.

Deputy Finance Minister Sergei Storchak told reporters that Moscow and Kiev through the German intermediary have informally discussed talks on the debt. The countries failed to agree on an official restructuring meeting as Ukraine still has no wish to compromise and accept that the debt is sovereign, he said.

On Wednesday, Ukraine’s Finance Minister Natalie Jaresko said Kiev is in a constant dialogue over the debt with the German Finance Ministry and through the German ministry with Russia.

Russia bought the 2-year Eurobonds in December 2013 and rejected restructuring conditions offered by Ukraine to its commercial creditors. Kiev insisted that the terms of debt repayment to Russia are the same as for private creditors.

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