London’s high court on Tuesday, January 17, began the dispute between Russia and Ukraine on Eurobonds for $ 3 billion, which Kiev has defaulted in 2015. Representatives of the Russian side, according to the Financial Times on Tuesday insisted in court on the hearing of the claim not under the full judicial process, on an expedited basis, writes «Interfax-Ukraine».
This involves the presentation of the positions of the parties and make a decision based on investigation of facts, that is, the loan documentation.
Ukraine presented to the court a written explanation which States about the need for a full trial to consider all the circumstances of the case, including the annexation of Crimea, which, according to the statement of the Ukrainian side, has created problems for the Ukrainian economy and limited its ability to repay the debt.
«The claim is caused by and is part of a broader strategy illegal, illegitimate economic, political and military aggression of Russia against Ukraine», — said in a written explanation of the Ukrainian side.
Kiev believes that in this context the agreement of the parties in respect of the notes may be cancelled.
The Russian side insists that the court should not determine, contrary to any of Russia’s actions against Ukraine to international law, as it has nothing to do with the present case, the dispute concerns «an ordinary debt agreement signed under English law».
The judge in the process is justice Blair, brother of the former Prime Minister of great Britain Tony Blair.
Ukraine in December 2015, has defaulted on Eurobonds purchased by Russia in December 2013 with funds from the national welfare Fund ($3 billion — the issue itself and $ 75 million — the last coupon payment).
Kiev offered Moscow a debt restructuring with commercial creditors terms, but Russia has the option to discuss refused, insisting on the sovereign nature of the debt. The debt had to be repaid until 1 January 2016.
The Ministry of Finance of the Russian Federation 17 February 2016 filed in London’s High court the claim about collecting of debts from Ukraine. Russia’s interests in court are represented by international law firm Cleary Gottlieb Steen & Hamilton is advising Russian Federation for several years.
Ukraine may 27, filed in the High court of England objections to the claim in which it argued that the contract of borrowing concluded in December 2013 is invalid and not enforceable for a number of reasons, including the violation of domestic legislation and established the Ukrainian regulatory acts procedures for the issue of Eurobonds for $ 3 billion, as well as «pressure from Russia throughout 2013, with the goal to prevent Ukraine’s signing the Association agreement with the EU.»
Soon, on July 28, Russia has filed in London’s High court the petition for adjudication in respect of the notes Ukraine’s belonging to Russia, in an expedited manner. According to the rules of civil procedure of England, a motion directed to the judgment without a full trial on the claim on the grounds that Ukraine has no real chances to challenge the requirement of the Trustee on the payment of debt on bonds.
In London, the brother of Tony Blair is considering a lawsuit against Russia in Ukraine by «debt of Yanukovych» 18.01.2017