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    Kiev to Pay $3 Billion to Moscow in Arrears: Ukrainian Finance Ministry

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    Ukraine plans to complete its obligations on paying Russia $3 billion, according to the statement of the Ukrainian Finance Ministry.

    MOSCOW, December 29 (Sputnik) – Ukraine plans on repaying Russia the $3 billion invested in the country's Eurobonds and will not restructure them, the Ukrainian Finance Ministry's press center told RIA Novosti on Monday.

    "All of the payments that need to be made this year and next year will be completed. Ukraine has fulfilled and will continue to fulfill its obligations. There have been and will be no plans to restructure," the press center said.

    Earlier reports indicated that the International Monetary Fund (IMF) may ask Russia to allow Ukraine to defer its repayment beyond 2015, at least until the end of its bailout program. Otherwise, international financial institutions may refuse to provide Ukraine with any funds, sources close to negotiations on economic assistance to Ukraine told RIA Novosti on Monday.

    Petro Poroshenko and Angela Merkel
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    "The fund will not [allocate all $15 billion] alone — the Board of Directors is unlikely to let such a large sum pass. The most it can give is $7 billion to $8 billion. The issue of allocating funds is a source of political contention in Europe and the United States," a source familiar with the proposal said.

    The United States has only earmarked $1 billion in loan guarantees to Ukraine this year.

    According to the source, nearly half of Ukraine's $6.5 billion debt is owed to Russia, while only $1.5 billion is owed to the IMF. Thus, they explained, in the event that funds are raised, the lion's share of European and US taxpayer money will go to Russia.

    The source confirmed that the IMF considered asking Russia to defer the bonds' maturity terms.

    Russia invested nearly $15 billion in Ukrainian Eurobonds in 2013. Soon after, Moscow purchased its first two-year $3 billion tranche at a 5-percent annual interest rate with biannual coupon yield payments. Moscow refused complete transaction of the remaining $12 billion, citing an illegitimate change of power in Kiev.


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