2023-03-15T13:40:00+02:00 Economy 2024-09-15T05:44:16+03:00

Ukrainian news

UK Supreme Court Sending Case Of Eurobonds For USD 3 Billion For Consideration Under Full Procedure

UK Supreme Court Sending Case Of Eurobonds For USD 3 Billion For Consideration Under Full Procedure

The Supreme Court of the United Kingdom has decided that the case, which was initiated by Russia against Ukraine, in relation to Eurobonds worth USD 3 billion, should be sent to trial under full procedure in open session.

This is stated in the message of the Ministry of Finance, Ukrainian News Agency reports.

"The Supreme Court of the United Kingdom today concluded that the arguments of Ukraine's line of defense on coercion, which are based on the facts of threats of Russian aggression, should be examined according to the full procedure during an open session in the English court. Having ruled this landmark decision more than seven years after Russia filed a lawsuit against Ukraine in the English court, the Supreme Court, which is the highest court in the United Kingdom court system, by this supported Ukraine's position, which Ukraine has already stated for many years in a row," the report said.

It is noted that Russia, acting through its proxy, tried to convince the English court to rule in favor of the Russian Federation, applying a shortened procedure and thereby avoiding a detailed study by the English court of its actions.

But ultimately, the Supreme Court rejected Russia's request and rightly acknowledged that Ukraine's defense line arguments on coercion are capable and should be properly examined with a study of all the evidence.

As Justice William Blair noted in his decision of the trial court, the position of the defense of Ukraine on coercion "is unequivocally strong," and "Russia's threats to use force in 2013 should be considered in the context of the real use of force in 2014."

The Supreme Court determined by its decision that the strong position of the defense should be examined according to the full procedure of the trial.

The Supreme Court at this stage did not consider the facts of Russia's war against Ukraine, since the appeal proceedings took place before Russia's full-scale invasion of Ukraine in February 2022, but Supreme Court Judge Lord Carnwath noted that Russia's further behavior could not be ignored.

All evidence will be presented to the court for study and under the close supervision of the world community.

As Ukrainian News Agency earlier reported, on March 29, 2017, the High Court of Justice in London ordered Ukraine to repay Eurobonds worth USD 3 billion and pay interest.

The court also allowed Ukraine to appeal and suspended its decision to pay Russia a debt of USD 3 billion.

In December 2013, Russian President Vladimir Putin and then-Ukrainian President Viktor Yanukovych agreed to allocate a loan of USD 15 billion through the placement of Ukrainian securities.

The USD 3 billion bonds were floated on the Irish Stock Exchange on December 20, 2013 and bought out by Russia.

In October 2015, after negotiations, the owners of 13 of the 14 issues of Eurobonds of Ukraine totaling USD 14.36 billion and EUR 600 million agreed to their restructuring.

Ukraine did not receive consent from Russia to restructure Eurobonds worth USD 3 billion with maturity on December 20, 2015.

In December 2015, the Cabinet of Ministers introduced a moratorium on the payment of USD 3 billion in Eurobonds.

In February 2016, Russia filed a lawsuit against Ukraine in the High Court of Justice in London to recover the debt, and in May, Ukraine filed documents on its defense as part of this lawsuit.