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Kiev Recognized Default on $3Bln Debt to Moscow, Court Action Imminent

© Sputnik / Natalia Seliverstova / Go to the photo bankDecember 18, 2014. Presidential Press Secretary Dmitry Peskov during the tenth annual major news conference at the World Trade Centre on Krasnopresnenskaya Embankment
December 18, 2014. Presidential Press Secretary Dmitry Peskov during the tenth annual major news conference at the World Trade Centre on Krasnopresnenskaya Embankment - Sputnik International
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With the announcement of the moratorium on repayment of a $3 billion debt to Russia, the Ukrainian side has practically recognized its default on repayment of a sovereign debt, according to Kremlin spokesman Dmitry Peskov.

MOSCOW (Sputnik) — By announcing moratorium on repayment of a $3 billion sovereign debt to Russia, Ukraine has officially recognized its default and leaves Moscow with no option but to file a lawsuit in an international court, Kremlin spokesman Dmitry Peskov said Friday.

"With the announcement of the moratorium, the Ukrainian side has practically recognized its default on repayment of a sovereign debt," Peskov told reporters in Moscow.

Deputy Finance Minister Sergei Storchak - Sputnik International
Ukraine Has No Chance of Winning $3Bln Debt Case Against Russia
"Only prospects of court action are remaining," he added.

Ukraine owes Russia $3 billion in Eurobonds. The debt was secured by the government of then-President Viktor Yanukovych in late 2013.

Ukrainian Prime Minister Arseniy Yatsenyuk said earlier on Friday that the government introduced a moratorium on the repayment of Ukraine's $3-billion loan to Russia and was ready to go to court over the matter.

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