The High Court of Justice in England will publish the decision if the court hears Russia’s lawsuit against Ukraine on the $3 billion bond debt under a quick procedure.
The decision will be published at 09:30 London time.
In December 2015, Ukraine defaulted on a $3 billion bond that Russia purchased in December 2013 using money from the National Welfare Fund (NWF), as well as $75 million in the final interest payment. Kyiv offered to restructure the debt on the same terms as the debt restructuring deal with commercial creditors. Russian refused to discuss that option, arguing the bond was sovereign, not commercial, debt.
The Russian Finance Ministry filed a lawsuit in High Court of Justice in England in February 2016 seeking to secure repayment. The law firm Cleary Gottlieb Steen & Hamilton, which has advised Moscow for a number of years, is representing Russia in the case.
Ukraine on May 27 filed objections against the lawsuit. Ukraine said that the loan agreement signed in December 2013 is invalid and cannot be implemented.
On July 28 Russia filed a petition to make the decision in the case under a quick procedure. The Law Debenture Trust Corporation, representing the interests of Russia filed the petition.
