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Russian Bond Included in Ukraine's Debt Restructuring Plan

© AFP 2023 / TOBIAS SCHWARZUkraine's Finance Minister Natalie Jaresko attends the "Europa-Forum" series of events organised by the Konrad-Adenauer-Stiftung foundation on April 1, 2015 in Berlin
Ukraine's Finance Minister Natalie Jaresko attends the Europa-Forum series of events organised by the Konrad-Adenauer-Stiftung foundation on April 1, 2015 in Berlin - Sputnik International
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Ukraine Finance Minister Natalie Jaresko said that Ukraine has initiated the legal process to restructure a portion of its debt, including the $3 billion Russian-backed bond.

WASHINGTON (Sputnik), Leandra Bernstein — Ukraine has initiated the legal process to restructure a portion of its debt, including the $3 billion Russian-backed bond, Ukraine Finance Minister Natalie Jaresko told Sputnik.

"We just launched the legal restructuring, the legal exchange memorandum went the whole custodial system to all of the holders" of Ukrainian bonds, Jaresko said on Friday.

Ukrainian notes and hryvnia coin. - Sputnik International
Russia to Declare Ukraine in Immediate Default if Kiev Fails to Repay Debts
On Tuesday, Ukraine announced it had begun a partial debt restructuring and had suspended payments on a number of Eurobond issues.

Jaresko explained there are 14 Eurobonds in the debt restructuring "including the so-called Russian bond."

She made clear that "the so-called $3 billion bond to Russia is one of the 14 bonds that we have just launched a restructuring."

Russia purchased the $3 billion bond in 2013 and continues to hold the position that the bond must be paid back in full and on time, by the end of 2015.

On Friday, Standard and Poor’s rating agency downgraded Ukraine’s sovereign debt to selective default after the country failed to make a $500 million repayment earlier this week.

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