Ukraine declares moratorium on payment of $3 billion debt to Russia

Arseniy Yatsenyuk said Ukraine is ready for litigation on the matter

The Ukrainian Cabinet of Ministers has made a decision to impose a moratorium on the payment of the $3 billion debt to Russia, which was taken at the time when the country was led by former president Viktor Yanukovych, Ukraine's Prime Minister Arseniy Yatsenyuk said.

"The Ukrainian government has made a decision to declare a moratorium on the $3 billion debt that we didn't take and that was nothing else than a bribe given by the Kremlin to the former president of Ukraine for not signing a free trade agreement [with the EU]. The Ukrainian government declared the moratorium on the payment of the $3 billion, and that is primarily due to the fact that Russia had refused to restructure these debts in the way that all other Ukraine's creditors have restructured," Yatsenyuk said at a government meeting on Dec. 30.

He said Ukraine is ready for litigation on the matter. "The Kremlin will not receive any other conditions except for the conditions proposed for other creditors who have accepted Ukraine's proposal. That is the reason why the moratorium has been declared until the moment when Russia either accepts Ukraine's proposal or there is a relevant court decision, and we are fully ready for litigation with the Russian Federation," Yatsenyuk said.

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