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Britain's High Court to hear ‘Yanukoych debt' case in Jan 2017

Britain's High Court to hear ‘Yanukoych debt' case in Jan 2017Britain's High Court in January will hear a case Moscow has filed against Ukraine for defaulting on a USD 3 billion eurobond, a deputy Russian finance minister has said.

"The court hearing has been set for January 17-20. The hearing will last three days," Deputy Finance Minister Sergei Storchak said on September 8.

Russia provided Ukraine with the USD 3 billion loan in late 2013 when Moscow-backed Viktor Yanukovych was president. But Yanukovych was ousted by a popular uprising two months later.

Read also: Ukraine will not pay off disputed 'Yanukovych' USD 3-billion debt to Russia - Finance Minister

After failing to reach a settlement on repaying the loan, Kyiv stopped making debt payments in December, arguing that Moscow lent Yanukovych the money as a kind of bribe.

Moscow, which is suffering from a protracted recession, took its case to court rather than grant Kyiv a discount on repayment of the loans. It filed a lawsuit in London in February.
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