The Cabinet has approved amendments in order to protect the rights and interests of Ukraine in international courts

The Cabinet of Ministers of Ukraine approved the draft presidential decree «On amendments to paragraph 1 of the Procedure for protection of rights and interests of Ukraine during the settlement of disputes, consideration in foreign jurisdictional bodies Affairs with the participation of a foreign entity and Ukraine».

The decision was made at a government meeting on Thursday, February 18, reports «Interfax-Ukraine».

As explained by the Minister of Finance Natalia Jaresko, these changes will simplify the procedure of defence of Ukraine in international courts.

As reported, yesterday the Minister of Finance Anton Siluanov said that the Ministry of Finance of the Russian Federation on 17 February filed in London’s High court the claim about collecting of debts with Ukrainian two-year Eurobonds with a nominal value of $ 3 billion, the maturity of which came on 20 December 2015, as negotiations in the spirit of «good will» with the Ukrainian side did not work.

The Finance Ministry announced that to represent in court the interests of Russia will be the international law firm Cleary Gottlieb Steen&Hamilton advising the Russian Federation for several years.

In turn, the Ukrainian side has repeatedly invited Russia to join other creditors in restructuring negotiations and has declared its readiness to protect itself from any claims. After October 2015, the holders of the 13th of 14th of Eurobonds of Ukraine totaling 14,36 billion dollars and 600 million euros have supported their restructuring, the Ministry of Finance of Ukraine also stressed the readiness to negotiate with Russia, but on terms agreed with the IMF under the EFF program, and at the same time the relevant contractual obligations which Ukraine undertook before other bondholders.

Prime Minister of Ukraine Arseniy Yatsenyuk on December 29 announced that the government will allocate funds for the services of lawyers to participate in court proceedings against Russia on this debt. Funds for this purpose included in the state budget-2016.




The Cabinet has approved amendments in order to protect the rights and interests of Ukraine in international courts 18.02.2016

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Февраль 18th, 2016 by
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