London’s high court approved the amount that Ukraine must pay Russia for default on Eurobonds for three billion dollars, and owned by the national welfare Fund (NWF). To date, this amount is almost $ 3.5 billion.
The English court elaborated on its March verdict in favor of Russia’s claim to Ukraine. As reported in the Russian Ministry of Finance, the court ruled that Kiev will pay not only the nominal value of Eurobonds of three billion dollars and the amount of unfulfilled coupon payment in the amount of $ 75 million, and penalty interest accrued on these amounts.
Penalty interest is calculated from 21 December 2015 and made on the date of full execution of the obligations. Thus, each day of delay on the debt will cost the state budget of Ukraine more than 673 thousand dollars, emphasized in the Ministry of Finance.
Thus, the amount of the fine as at 26 July 2017 is 393 million dollars. This means that to date, Ukraine owes Russia 3,47 billion, says RBC.
In addition, the High court of London has obliged Ukraine to compensate for Russian side portion of the costs of judicial proceedings. We are talking about 2.8 million pounds ($3.6 million), with half of this amount must be paid no later than September 20, 2017.
The court also ruled that the claim of Russia to compensate the rest of the costs incurred because of a debtor’s obligations on the bonds, will be considered after the decision on the appeal filed by Ukraine in June 2017. Hearings in the court of appeal will be held in January 2018.
Earlier, on 29 March, London’s High court took decision to accelerate the examination of the case on Ukraine’s debt to Russia on Eurobonds for $ 3 billion. On the same day the court rejected the claim of Ukraine about the political character of the debt. The Russian Ministry of Finance said that he regarded the decision as final and binding upon Ukraine to pay the debt. However, Kiev was granted an appeal.
Moscow gave Kyiv loan of three billion dollars in December 2013, when President Viktor Yanukovych. The money was allocated through the purchase of Eurobonds. The Ukrainian government later proposed to restructure the debt, presenting him as a private, but Russia insisted on the sovereign nature of the debt.