Ukrainian Finance Minister Natalia Jaresko believes that there is still a chance to avoid a legal battle with Russia over the three billion dollar debt, the repayment of which Kiev missed in December, as stated during the World Economic Forum in Davos during an interview with Bloomberg News that was published on January 23rd.
According to Jaresko, Ukrainian and Russian officials might meet "soon" to discuss the issue.
Russia bought three billion dollars worth of Ukrainian government bonds at the end of 2013. Analysts say that this was Moscow's reward for Yanukovich's decision to abandon plans to enter into an association with the European Union. Yanukovych was ousted in February 2014 following the large-scale protests against the decision. Later that year, Russia annexed Crimea and supported the separatists in eastern Ukraine.
The Russian Ministry of Finance announced that as of January 1st it has taken steps to initiate legal proceedings to recover the debt.