Economy Russia refuses to restructure Ukraine’s $3bn debt

Russia refuses to restructure Ukraine’s $3bn debt

Russian Finance Minister Anton Siluanov
Russian Finance Minister Anton Siluanov

(AA) – Russia is not ready to discuss restructuring or delaying Ukraine’s $3 billion debt, Russia’s finance minister has said.

Anton Siluanov’s remarks to press members on Friday came after budget meetings for 2015 were held at Russia’s State Duma, or parliament.

He said, “Russia does not have any plan to restructure or extend a $3 billion credit given to Ukraine.”

Siluanov said the credit provided to Ukraine was not done on a commercial basis due to the risks and conditions it carried, and Russia aimed to back Ukraine’s budget with the “non-profit” agreement.

Russian President Vladimir Putin announced the purchase of a $15 billion bond in 2013 in a move to revive Ukraine’s economy and Ukraine sold a $3 billion Eurobond to Russia on December 23, 2013. 

Russian suspended bond purchases amid the 2014 Maidan protests, which turned Ukraine into turmoil and changed the political situation between the two countries.

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