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Ukraine in Default Over Failure to Pay Off $3Bln Debt to Russia

© Sputnik / Alexandr Demyanchuk / Go to the photo bankRussian and Ukrainian bills and coins
Russian and Ukrainian bills and coins - Sputnik International
Russian Finance Ministry said that Ukraine has missed the December 31 deadline to pay off its $3 billion debt to Russia and is currently in default.

Building of Russian Ministry of Finance - Sputnik International
Ukraine Misses Deadline on $3Bln Debt Payment to Russia
MOSCOW (Sputnik) — Ukraine has missed the December 31 deadline to pay off its $3 billion debt to Russia and is currently in default, Russian Finance Ministry said on Thursday.

"Ukraine has not made the ​​payment of $3.075 billion in repayment and servicing of external bonds owned by Russia during the grace period, which expired on December 31, 2015. Thus, Ukraine is in a state of default now," the ministry said in a statement.

The Finance Ministry also said that Moscow is ready to examine any significant offer from Ukraine on its debt to Russia, the legal action does not exclude the possibility of the debt settlement.

"Russia has always been willing to consider options to assist Ukraine in line with the IMF [International Monetary Fund] program. Russia intends to carefully examine any significant offer from Ukraine, but also believes that the court proceedings do not preclude a constructive dialogue in order to reach an acceptable settlement of the debt," the statement read.

The Ministry noted that Kiev has not made any proposals to Moscow on its $3-billion debt to Russia restructuring.

"Ukraine has not made any proposals arising from the bonds as the official loan," the ministry said in a statement Thursday.

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