Ukraine: Litigation on Russia's $3 bln Eurobonds could last up to 2 years

Ukraine asks for additional time, says Ukrainian Finance Minister Danyliuk

Litigation in the High Court of Justice in England under a claim brought by Russia against Ukraine after the country defaulted on $3 billion in bonds issued in 2013 could last up to two years, Ukrainian Finance Minister Oleksandr Danyliuk said.

"The situation could develop in different ways. If the litigation lasts until the end, it could take up to two years to come to a final decision," he said in an interview with TV Channel 24 television late on June 1.

He said Ukraine asked for an additional time to respond to Russia's accusations.

"We have a strong position. I am sure that we used this time properly," he said.

Danyliuk said that the defense line is based on the fact that Russia strongly pressed on Ukraine to force it not to sign the Ukraine-EU Association Agreement. Russia imposed trade sanctions, and later annexed Crimea. All these jointly with other actions seriously hit the Ukrainian economy. This also decreased the country's opportunities for borrowing.

"This is part of our global protection in claims against Russia," he said.

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