Date: a month ago   Category: Economy

The court of Great Britain will consider a dispute of Ukraine and the Russian Federation over bonds in December


The Supreme Court of the United Kingdom will begin consideration of appeals of the Russian Federation and Ukraine on the eurobonds issued in 2013 by Ukraine for $3 billion during a week which starts on December 9, 2019, it is told in the project of issue of the Ukrainian eurobonds.

"Ukraine expects that the decision, most likely, will be made approximately in the first half of 2020 though in the Supreme Court any deadlines in this regard are not provided", - it is said in the document.

According to it, Court of Appeal of England and Wales suspended the main trial on business before consideration of appeals to the Supreme Court.

As was reported, on February 17, 2016 The Law Debenture Trust Corporation plc representing the interests of the Russian Federation as the owner of issue of eurobonds of Ukraine for $3 billion at the request of the Ministry of Finance of the Russian Federation submitted the action for recovery of debt on eurobonds to High Court of Justice of England and Wales. The court approved on March 29, 2017 the accelerated consideration of the specified claim, having actually rejected the main objections of Ukraine and having agreed with existence at it of obligations under eurobonds.

the decision the court obliged Ukraine to pay to Russia the par value of eurobonds for $3 billion, the sum of unrealized coupon payment for $75 million and also the penal percent charged in the sum of $674 thousand for each day of delay and a part of expenses within trial. Ukraine submitted to

the appeal, and the Court of Appeal the decision of September 14, 2018 decided that the court of first instance has to consider case on the full procedure. The Court of Appeal confirmed legitimacy of refusal to Ukraine in consideration of three of four bases declared her with the purpose to avoid implementation of obligations under these eurobonds. At the same time the court noted that the fourth argument that the issue of eurobonds was made under pressure of Russia, cannot be rejected without conducting comprehensive trial.

Both parties appealed against this decision in the Supreme Court.

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