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The restructuring of Ukraine's debt has been a focal point in recent developments, with President Volodymyr Zelenskyy signing a law allowing the suspension of foreign debt repayments until October 2024. This critical move aligns with the G7 countries' decision to defer Ukraine's national debt payments until 2027, marking a significant step in alleviating financial pressures. The ongoing negotiations between Ukraine and Russia regarding the contentious $3 billion "Yanukovych debt" have persisted, although an English court ruling has emphasized Ukraine's obligation to the debt. The Ministry of Finance remains optimistic that these obligations will not disrupt its program with the IMF. Meanwhile, Ukraine has successfully decreased its foreign debt by substantial amounts, yet it continues to navigate the complex landscape of international and bilateral agreements for restructuring.
What does the new law signed by President Zelenskyy entail?
The new law signed by President Zelenskyy allows the Ukrainian government to suspend foreign debt payments until October 1, 2024. This is part of Ukraine's broader strategy to manage its financial obligations in light of the ongoing conflict and economic challenges facing the country.
How have G7 countries supported Ukraine's debt restructuring efforts?
The G7 countries have agreed to postpone Ukraine's national debt payment until 2027. This agreement was formalized through amendments to the Memorandum of Understanding signed by Ukraine's Finance Ministry, demonstrating international support for Ukraine's economic recovery amid current adversities.
What impact does the English court's decision have on Ukraine's debt situation?
The English court's decision to require Ukraine to repay the $3 billion debt to Russia, known as the "Yanukovych debt," doesn't affect Ukraine's cooperation program with the IMF. The ruling underscores the legal complexities of Ukraine's debt restructuring but is being managed in coordination with international partners to ensure economic stability.
How has Ukraine's external debt changed in recent years?
Ukraine has successfully reduced its gross external debt by $23.5 billion, marking a significant 16 percent reduction over the past year. This achievement highlights Ukraine's commitment to improving its financial standing despite ongoing fiscal and geopolitical challenges.
What are the challenges in negotiating the "Yanukovych debt" with Russia?
The negotiations over the "Yanukovych debt" are complicated by legal, diplomatic, and financial issues, including differing stances on restructuring terms. While Russia seeks full repayment, Ukraine is negotiating for terms akin to those agreed with other creditors, reflecting the broader economic and political tensions influencing these discussions.
News restructuring
Zelenskyy signs law on moratorium on foreign debt repayment President Volodymyr Zelenskyy has signed Law No. 11396, which allows the government to suspend foreign debt payments until October 1. 55 0
G7 countries agree to postpone Ukraine’s national debt payment until 2027 - Ministry of Finance Today, on December 21, Minister of Finance of Ukraine Serhii Marchenko signed amendments to the Memorandum of Understanding on the suspension of payments on official debt with a group of official creditors of Ukraine from the G7 countries and the Paris Club. 6 030 25
English court's ruling on $3 bln "Yanukovych debt" will not affect IMF cooperation program with Ukraine, - Financial Ministry Ukraine's Finance Ministry says the ruling of London's High Court to oblige Ukraine to repay the $3 billion debt to Russia will not affect the cooperation program with the IMF. 16 240 89
Russia needs more time to respond to Ukraine's objections to Yanukovych's loan The Law Debenture Trust Corporation Plc, which represents the interests of the Russian Federation in the case of Ukraine's default on $3 billion Eurobond to Russia, asked for extra time to prepare and submit a response to the objections of Ukraine. 5 937 46
Ukraine’s foreign debt decreased by $23.5 billion over year, - PM Yatseniuk Ukraine managed to reduce its gross external debt by $23.5 billion or 16 percent over the year. 14 896 86
Russia filed lawsuit against Ukraine over "Yanukovych's loan," - Russia's Finance Minister Siluanov Russia's Finance Ministry has filed a lawsuit against Ukraine to London's High Court of Justice over the non-payment of a $3 billion loan. 19 497 221
Germany asks Ukraine for compromise on Russian loan, - Bloomberg Germany is asking Ukraine to propose a new offer to resolve a dispute with Russia over a $3 billion bond default after President Vladimir Putin’s government rejected a proposal put forward last month. 10 947 99 Previously in trend: Ukraine’s agreement with creditors
Russia ready to full-fledged talks with Ukraine on "Yanukovych's debt", Russian finance minister says Russia's Finance Ministry confirms its readiness to full-fledged and good-faith negotiations with Ukraine and expects to recover tribunal expenses associated with filing of the claim in the International Court of Justice. 27 283 257
“Russian delegation was unable to meet with us in Davos, but I'm optimistic," - Jaresko on restructuring of ‘Yanukovych’ debt Ukraine expects to reach agreement with Russia on restructuring of Putin’s loan to Yanukovych in the amount of $3 bn and is willing to change the conditions compared to the last year’s Eurobond exchange scheme, if the saving will not be less as a result. 6 682 68 Previously in trend: Ukraine’s agreement with creditors
Ukraine ready to negotiate with Russia about restructuring "Yanukovych's loan," - Ministry of Finance The Ministry of Finance has taken into account the decision of the Russian Federation to initiate a lawsuit against Ukraine and reiterates its readiness to negotiate the restructuring of $3 billion Eurobond. 13 852 132
"No money for you, bastards," - Interior Minister Avakov on Russia's announcement of Ukraine's default Interior Minister of Ukraine Arsen Avakov commented on Russian authorities' statements regarding Ukraine's default caused by non-payment of the $3,075 billion accepted by fugitive president Viktor Yanukovych from the Kremlin. 156 058 495
"We are fully prepared to court action with Russia," - PM Yatseniuk The moratorium on the payment of "Yanukovych debt" will be in force as long as the Russian Federation does not accept the conditions, under which the majority of debt holders have restructured debts owed by Ukraine. 6 591 52
Yatseniuk introduced bill on Ukraine's refusal to pay Putin's grants to Yanukovych The Cabinet proposes the Verkhovna Rada to abolish the deadline for the suspension of payments on Ukraine's external obligations. 38 496 273
Russia refused to discuss debt restructuring with Ukraine, - Government Commissioner Lisovenko Russia did not put forward any counter offer on restructuring a $3-billion Eurobond after the rejection of Ukraine's proposal in the framework of debt operations. 12 641 76
IMF expects direct Ukraine-Russia talks on restructuring of Putin’s loan to Yanukovych The International Monetary Fund expects that the issue of Ukraine's debt to Russia will be resolved through direct negotiations. 6 538 98 Previously in trend: Ukraine’s agreement with creditors
Russia ready to restructure Ukraine's loan with guarantees, - Russian Finance Minister Siluanov Russia has agreed to restructure Ukraine's loan issued to the Yanukovych regime back in 2013, if guaranteed by a large bank. 19 696 180
Ukraine's creditors unlikely to approve Russia's restructuring offer, - Reuters Moscow's proposal voiced Nov. 16 is unlikely to please Ukraine's private creditors who agreed to cut country's debt burden under a restructuring called for by the International Monetary Fund. 58 015 216
Russia agrees to restructure Ukraine’s debt, - Putin Russia has agreed to restructure the debt of Ukraine and discuss the details of this offer in the near future. 204 569 1 373
Moscow made offer to Ukraine regarding settlement of $3 bln debt, - Russian Finance Minister Siluanov Russia hopes to reach a compromise with Ukraine over Kyiv's debt and has made an offer which it sees as a basis for settling the issue. 63 637 316 Previously in trend: Ukraine’s agreement with creditors
Ukraine may introduce moratorium on paying $3 bln debt to Russia, - Yatseniuk Ukraine may introduce a moratorium on the payment of a $3 bln debt to Russia, if the Russian authorities do not agree to a restructuring. 19 500 221
US Treasury Secretary hopes Russia reconsiders its position on Ukraine's debt, - BBC U.S. Treasury Secretary Jacob Lew said he hoped Russia would reconsider its position on the debt restructure, giving Ukraine a chance to become able to repay its obligations from growing economy. 16 132 185 Previously in trend: Ukraine’s agreement with creditors
Final step towards Ukraine's debt restructuring made, - Minister Jaresko The government has approved the issue terms for new bonds which will be given to our sovereign creditors in exchange for the previous ones. 46 965 219
Russia said to explore strategies aimed at blocking IMF loans to Ukraine, - Bloomberg Moscow has not decided yet whether to use them against Kyiv, but the possibility exists. 19 205 122
IMF urges Ukraine and Russia to talk on debt restructurization The International Monetary Fund on Thursday urged Russia and Ukraine to discuss restructuring a $3 billion debt. 13 518 125
IMF to alter lending policies to keep Ukraine bailout on track, - The Wall Street Journal Ukraine’s Western allies are preparing to accelerate planned changes to the International Monetary Fund’s lending policies to prevent Russia from stymieing a $25 billion rescue package for the war-torn nation. 18 901 205
Kyiv will not pay its Russian debt without restucturization, - PM Yatseniuk Kyiv will not pay its state debt to Moscow if Russia does not agree to restructuring. 78 622 774
Fitch says recovery in Ukraine elusive despite debt restructuring Ukrainian bank ratings are likely to remain at current weak levels for the foreseeable future despite signs of some improvement in the operating environment now that agreement to restructure USD18bn of sovereign external debt has been reached. 7 924 103
Russia wants to ruin Ukraine and hold a veto over efforts to rescue it, - Financial Times The West should resist Russia’s blackmail over Ukraine’s debt. 72 005 367 Previously in trend: Russian aggression against Ukraine
$3 bln write-down and $8.5 bln restructuring of Ukraine's debt approved, - Yatseniuk The eurobonds restructuring terms offered by the Ukrainian government have been supported by 75 percent of creditors. 37 213 212 Previously in trend: Ukraine’s agreement with creditors
Fitch downgrades Kyiv to 'Restricted Default' Fitch has downgraded the City of Kyiv's Long-term local currency Issuer Default Rating (IDR). 12 498 102
Minister Jaresko: IMF to continue support Ukraine even with Russia's loan unpaid Ukraine's Minister of Finance Natalie Jaresko is confident about IMF's further financial support despite Ukraine's refusal to settle its debt before Russia. 21 149 182
Ukraine and Russia Finance Ministers to meet in Peru for debt talks, - Bloomberg Ukraine's Finance Minister Natalie Jaresko and her Russian counterpart Anton Siluanov intend to hold a meeting in Peru within G-20 summit this week. 9 172 55 Previously in trend: Ukraine’s agreement with creditors
In case of trial, Russia to seek Ukraine's full repayment of loan, - Russian Finance Minister Siluanov Russia intends to insist on Ukraine's full repayment of $3 bln loan, should the case be taken to court. 42 456 613
IMF chief calls on creditors to join Ukraine debt deal IMF chief Christine Lagarde on Tuesday pressed Ukraine's hold-out creditors such as Russia and a handful of Western investment houses to write off some of the crisis-wrecked country's massive debt. 7 666 58 Previously in trend: Ukraine’s agreement with creditors
Ukraine must return Yanukovych's loan in full and on time, - Russian government Russia expects Ukraine to pay back its $3-billion debt (the so-called Yanukovych's loan) in full and on time. 64 959 487
Verkhovna Rada approved Ukraine's external debt restructuring Verkhovna Rada MPs supported draft amendments to the state budget of Ukraine on restructuring country's external debt owed to private creditors. 22 386 155
Russia has not agreed to debt restructuring, but it will get no other conditions, - PM Yatseniuk The agreement of private creditors for debt restructuring has been approved by the global community, except for Russia. 41 019 263
Ukraine's creditors call restructuring deal unfair, ask for renegotiation, - Bloomberg Owners of Ukrainian bonds due in 2015 have requested renegotiation of the restructuring deal of the Ukrainian debt. 48 621 122
Russia to sue Ukraine, reluctant to discuss debt restructurization Russia does not intend to start negotiations with Ukraine on restructurization of its $3 billion loan, insisting on full settlement in due time. 38 163 325
Yatseniuk about debt recovery: Russia should address criminals who it granted political asylum Prime Minister of Ukraine Arsenii Yatseniuk advised Russia's leadership to recover $3 billion owed by Ukraine from its former high-rank officials. 84 518 718
European Commission welcomes Ukraine's debt writing off, Juncker says President of the European Commission Jean-Claude Juncker has welcomed the agreements reached by Ukraine and the committee of international creditors on public debt restructuring. 10 816 82
$3.8 billion of Ukraine's $19,3-billion state debt to be written off, - Finance Minister Jaresko. DOCUMENT Finance Minister of Ukraine Natalie Jaresko announced that Ukraine has agreed on writing off $3.8 billion of its $19.3-billion state debt. 65 234 372
Negotiations between Ukraine and its debtholders still underway, - Ukraine’s Finance Ministry The negotiations between Ukraine and its creditors to restructure public debt are underway in San Francisco. 12 153 66
No deal in Ukraine debt negotiations, talks to resume Thursday, - Reuters Ukraine and a group of its largest creditors on Wednesday failed to reach a deal to restructure the country's $19 billion of debt but will resume negotiations on Thursday. 25 069 180
Finance Minister Jаresko to discuss state debt, - Ministry of Finance The Minister of Finance of Ukraine Natalie Jaresko departed to San Francisco today for talks with a special committee of creditors. Should they fail to reach an agreement, Ukraine will have to use alternative mechanisms at the beginning of the next week. 7 674 116
Ukraine and creditors to agree on 22.5% debt writedown, - Bloomberg According to a survey conducted by the agency, the probability that Ukraine will freeze debt payments is less than 50%. 24 516 195
Ukraine calls Thursday creditor talks, the week being ‘decisive’ Ukraine called a meeting with its creditors for Thursday and said this week will be crucial in reaching a $19 billion restructuring deal as time runs short for executing any agreement. 133 0
Ukraine to agree on 40% debt remission by late September Ukraine will not fail in its plans, aimed, inter alia, at agreeing on writing off 40% of its debt with creditors. 19 484 158
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