Contents tagged with debt

  • Ukraine's Naftogaz starts debt recovery from Russia's Gazprom

    According to the Chief Commercial Officer of Naftogaz, Yuriy Vitrenko , Naftogaz of Ukraine has begun debt collection procedures aimed at recovering the funds which Gazprom has to pay to Naftogaz according to the decision the Stockholm Arbitration court.

    The day before the announcement, Vitrenko met with the EU Commissioner for Competition, Margrethe Vestager. He told her that Gazprom refuses to comply with the decisions of the arbitration court and, in particular, refuses to compensate …

  • Head of the Crimea signs law on restructuring debt of Crimeans to Ukrainian banks

    The Kremlin-appointed head of the Crimean government, Sergei Aksyonov, has signed the main version of a draft law on the procedure for restructuring debt of the Crimeans on loans taken from Ukrainian banks prior to the annexation of the peninsula. Aksyonov reported this on Facebook on August 14.

    "The bill will still be discussed and adjusted, but the main points will remain intact: legal entities and individuals that are in arrears of up to 5 million rubles ($83,478 USD)are completely exempted …

  • Putin signs law on debt repayment by Crimeans to Ukrainian banks

    Russian President Vladimir Putin has signed a law on the repayment of debts by residents of the annexed Crimea to Ukrainian banks.

    The corresponding document was published on the president's website on Monday, reported RIA Novosti.

    In particular, it gives the borrower the right to apply to the Deposit Protection Fund (DPF) established by the Deposit Insurance Agency (DIA), with confirmation of freedom from cooperation with persons entitled to demand payment of the debt. At the same time, the …

  • Russia has written off Kyrgyzstan's debt of 240 million USD

    Russian Prime Minister Dmitry Medvedev signed an order that approved a one-time write-off of Kyrgyzstan’s debt to Russia in the amount of $240 million, according to information published on the official website containing legal information.

    “As of March 30, 2017, the amount owed by the Kyrgyz side to the Russian side … is $240 million ... 100% of the amount owed by the Kyrgyz side to the Russian side … is liable to a one-time write-off, effective as soon as this order goes into effect,” the …

  • Bosnia reminded Russia about its Soviet-era, multi-million dollar debt

    The authorities of Bosnia and Herzegovina reminded Russia about its obligation to pay off the debt that the Union of Soviet Socialist Republics (USSR) owed to the former Yugoslavia. The debt is estimated to run more than hundreds of millions of dollars, Reuters reported. Sarajevo expects that the Muslim-Croatian Federation of Bosnia and Herzegovina will receive 58% of the payment: 29% for the Republika Srpska, 10% for the Central Government and 3% for the Brčko District.

    In 2013, the Russian …

  • Ukraine is ready for negotiations on 'Yanukovych's debt'

    Ukraine is confident of its legal position in the court dispute with the Russian Federation in England regarding a $3 billion debt on Eurobonds; however, is still open to the possibility of a peaceful settlement of the dispute, if acceptable grounds are met. This was the report from the Ministry of Finance as told to Interfax-Ukraine when asked to comment on the statement regarding the postponement of the Russian-Ukrainian meeting on this issue that was expected to take place in Washington.

    “ …

  • Ukrainian Finance Minister: Russia's debt recovery lawsuit could take up to two years

    According to the Ukrainian Minister of Finance, Alexander Danyluk, proceedings in the debt recovery lawsuit between Russia and Ukraine may continue for up to two years. The case involves $3 billion worth of financial assistance provided to Ukraine while the country was being led by former president, Viktor Yanukovych. Danyluk made these statements during an interview with 24 Channel on the 1st of June.

    Danyluk says that “developments may vary. It may take up to two years for the process to …

  • Poroshenko issues indefinite moratorium on payment of 'Yanukovych's debt'

    The President of Ukraine, Petro Poroshenko, signed the law adopted by the Verkhovna Rada of Ukraine that placed an indefinite moratorium on the repayment of Eurobonds on the loan provided by Russia to Ukraine in December 2013.

    The corresponding law amending Article 4 of the Law of Ukraine “On specific features of dealing with sovereign and local debt guaranteed by the state” was signed by the President on the 29th of April.

    The law excluded a phrase "and will remain in force until the 1st of …

  • Russia Writes Off $170 Million Mongolian Debt

    Russian President Vladimir Putin signed the ratification of an intergovernmental agreement on the 31st of January, allowing Russia to write off 97.8 % of Mongolia's debt ($170 million).

    “To ratify the agreement between the Russian and Mongolian Governments regarding the settlement of the financial liabilities of Mongolia to the Russian Federation, signed in Moscow on the 14th of December 2010,” reads the text of the law, which was published on an official government website. The law was …

  • Kiev issues moratorium on payment of debt

    The government of Ukraine has announced that it will not repay the $3 billion debt owed to Russia by the due date of December 20th.  In addition, a $507 million commercial debt owed to several Russian banks will also be suspended.

    Kiev cited Russia’s refusal to accept repayment terms already offered to other international creditors.

    Ukrainian Prime Minister Arseny Yatseniuk did not specify how long the moratorium would last, but acknowledged that the Russian government would take legal action …