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 No "justifiable defence" in Ukraine's $3 bln Russia loan case

London's high court ruled on Wednesday that Ukraine did not provide "justifiable defence" in a $3 billion Eurobond case (the so-called "Yanukovych's loan" by Russia to Ukraine) brought by Russia against Kyiv and that it would not be right for the case to go to full trial.

Censor.NET reports citing Reuters.

Judge William Blair said in the pre-trial hearing that the court had given the case careful consideration but added:

"Ultimately this is a claim for repayment of debt instruments to which the court has held there is no justificable defence. It would not be right to order the case to go forward to a full trial in these
circumstances."

Read more: Ukraine does not have to repay "Yanukovych's loan" to Russia, Finance Minister Danyliuk says

Russia had requested a summary judgement - a move often used to speed up procedures - meaning the court after examining Ukraine's defence arguments would decide if they are likely to stand up in court. Both sides can appeal the judgement.

Ukraine's Finance Minister Oleksandr Danyliuk commented on the ruling.

"We just received a London court ruling on the so-called Russian debt, which does not recognize the validity of Ukraine's position and arguments in this matter," said Danyliuk. The minister of finance noted that the court approved filing of an appeal by Ukraine and froze any action on collecting the debt before the appeal is considered, UNIAN reports.

The case focuses around a $3 billion Russia lent in December 2013 to Ukraine under former President Viktor Yanukovych in the form of a Eurobond governed by English law. Moscow wants the bond to be repaid in full but Kyiv insists Russia should have participated in a 2015 restructuring of Ukrainian Eurobonds.
 
 
 
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