Ukraine intends to prove that 'Yanukovych's debt' was a bribe
Ukraine intends to prove that the $3 billion loan given by Russia to former Ukrainian President, Viktor Yanukovych, was first and foremost a bribe. This was stated by Klimkin in an interview with the Ukrinform news agency on Thursday, February 18th, in Kiev.
"Of course, we will work at aiming to prove that it was indeed a bribe. And the fact that this case will be considered by a London court gives us more opportunities to do so. We are preparing for this and all the corresponding statements will be made soon," Klimkin said.
The day before, Russia filed a lawsuit against Kiev in the High Court in London for recovery of the debt worth 3 billion dollars. Ukraine refused to return the loan, arguing that the money was a bribe to Yanukovych to ensure that he wouldn't sign an association agreement with the EU. Kiev offered Moscow to restructure the debt on the terms already adopted by private creditors. Russia, however, didn't agree on the restructuring terms, citing the fact that the debt was sovereign. The International Monetary Fund (IMF) supported the position of Russia.
On February 18th, the Ministry of Finance of Ukraine confirmed that the company The Law Debenture Trust Corporation PLC, the principal creditor of Eurobonds, formally began proceedings in the High Court in London. The Ukrainian Finance Ministry statement stressed that "Ukraine intends to and is fully prepared to defend its interests in the English court."