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Ukraine Appeals To London Court In Eurobond Case

Ukraine Appeals To London Court In Eurobond Case
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Ukraine has filed an appeal to the London Court in the case of the $3 billion bond sold to Russia prior to the Euromaidan revolution in 2014. At the time, Viktor Yanykovych was president of Ukraine and put aside a trade deal with the European Union in favor of a large finance package with Russia. The $3 billion was the first installment of this aid package.

Once Yanykovych was thrown out of office during the protests, Ukraine refused to repay the bond, saying it was a bribe from the Russian Federation.

In March of this year, the London Court ruled they would hear the case in an expedited fashion on whether or not to force Ukraine to pay back the funds. The bond was issued under UK law so the London Court has jurisdiction.

“The Ministry of Finance of Ukraine has today, on behalf of Ukraine, filed with the English Court of Appeal the necessary papers to launch its appeal against the Judgment of the English Court” that was made on March 29, 2017 in proceedings regarding $3 billion Eurobonds (the so-called “Russian debt”), the Ukrainian ministry said, reported the Russian state news agency TASS.

TASS also reported in February 2016 Russia requested The Law Debenture Trust Corporation acting as the Trustee on the Eurobond to initiate judicial proceedings against Ukraine in the High Court of London.

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