UK court says Ukraine has no ‘justiciable defence’ in $3 …
By Karin Strohecker
LONDON (Reuters) - Ukraine has failed to offer a "justiciable" or court-ready defence for not paying back $3 billion lent to it by Russia in 2013, a British court ruled on Wednesday, refusing to send the case to a full trial.
This included a claim that non-payment was a countermeasure against Russian interference with Ukraine's sovereignty.
The case between the two adversarial governments centres on $3 billion lent by Russia in December 2013 to Ukraine under pro-Moscow former President Viktor Yanukovich. The debt was structured in the form of a Eurobond governed by English law.
Moscow wants the bond to be repaid in full but Ukraine, which now has a pro-Western government, says Russia should have participated in a 2015 restructuring of its sovereign Eurobonds
Judge William Blair said in the pre-trial hearing the court had given the case careful consideration but added:
"Ultimately this is a claim for repayment of debt instruments to which the court has held there is no justiciable defence. It would not be right to order the case to go forward to a full trial in such circumstances."
Ukraine said it would appeal the ruling.
Russia had requested the UK court for a summary judgement -- a move often used to speed up procedures -- meaning the court after examining Ukraine's defence arguments would decide if they are likely to stand up in court.
Ukraine had put forward four pillars of defence.
It said its then-government had lacked the capacity to enter into the agreement with Russia, that the debt was incurred under duress, the terms attached to the issue were unfair and finally, that non-payment was a countermeasure against Russian interference in its economy and territory.
Russia annexed Ukraine's Crimea region in 2014.
The judge acknowledged that Ukraine had made a strong case regarding the economic pressure and Russian threats which led to Kiev accepting Russia's financial support in 2013, rather than signing an European Union accession agreement.
But he added that the arguments on duress and countermeasures both concerned international law -- which the court could not consider.
Ukraine's ministry of finance would also have had the usual authority to enter into a deal like that, the judge added.
The judge has written in the past on the concept of "odious debt", a term used to describe debt incurred by a government that does not serve the interest of the country.
Ukraine's Finance Minister Oleksandr Danykyuk said his country had received the judge's permission to appeal and had been granted a stay of execution until at least late-April.
Legal experts expected the court of appeal would hear the case later this year, or possibly in early 2018.
"The bottom line is that litigation will most likely continue and Ukraine will not be forced to pay Russia until 2019, when the rest of the bonds come due anyway," said Evghenia Sleptsova, an economist for Central and Eastern Europe at Oxford Economics.
The first of new Eurobonds issued as part of the debt restructuring seen widely as investor friendly matures on September 2019, the last one in the series in 2027.
(Additional reporting by Natalia Zinets in Kiev and Sujata Rao in London; Editing by Jeremy Gaunt)
Link:
UK court says Ukraine has no 'justiciable defence' in $3 ...
- Ukraine war live: Zelensky warns of Chernobyl global threat after Russian shelling - The Independent - October 2nd, 2025 [October 2nd, 2025]
- Ukraine war latest: US to 'share intelligence' with Kyiv on long-range targets in Russia - as European leaders meet to discuss war - Sky News - October 2nd, 2025 [October 2nd, 2025]
- Russia says EU proposal on loan and reparations to Ukraine is crazy, will draw tough response - Reuters - October 2nd, 2025 [October 2nd, 2025]
- US to give Ukraine intelligence on long-range energy targets in Russia, say reports - The Guardian - October 2nd, 2025 [October 2nd, 2025]
- Russia Issues Blunt Warning to Trump on Tomahawks for Ukraine - Newsweek - October 2nd, 2025 [October 2nd, 2025]
- Russias war in Ukraine has been built on a foundation of falsehoods - GOV.UK - October 2nd, 2025 [October 2nd, 2025]
- Kremlin says US already gives Ukraine intelligence on a regular basis - Reuters - October 2nd, 2025 [October 2nd, 2025]
- Balancing the Scales: Survivors Needs and Rights and Criminal Accountability in Ukraine - Just Security - October 2nd, 2025 [October 2nd, 2025]
- Defeat of Ukraine would embolden China towards Taiwan, Taiwanese officer says in Poland - Reuters - October 2nd, 2025 [October 2nd, 2025]
- Trump admin to provide Ukraine with intelligence and potentially long-range missiles to hit targets deep inside Russia: report - New York Post - October 2nd, 2025 [October 2nd, 2025]
- Ukraine is leaning on helicopter crews to hunt down and shoot Russia's exploding drones out of the sky - Yahoo - October 2nd, 2025 [October 2nd, 2025]
- Tomahawk missiles could change the Ukraine war and bring Moscow in range - The Telegraph - October 2nd, 2025 [October 2nd, 2025]
- Russian politician who called for Ukraine ceasefire is charged with spreading lies about the army - Yahoo - October 2nd, 2025 [October 2nd, 2025]
- US to share targeting intel with Ukraine for strikes inside Russia: Report - Straight Arrow News - SAN - October 2nd, 2025 [October 2nd, 2025]
- Why EU needs Ukraine to stop Russian drones, instead of von der Leyen's 'wall' - EUobserver - October 2nd, 2025 [October 2nd, 2025]
- AI-Driven Disinformation Campaigns on Twitter (X) in the Russia-Ukraine War - Small Wars Journal - October 2nd, 2025 [October 2nd, 2025]
- US to share intelligence with Ukraine for strikes on Russian infrastructure: WSJ - AeroTime - October 2nd, 2025 [October 2nd, 2025]
- Defending the skies: How can Ukraine help Europe build its drone wall? - Euronews.com - October 2nd, 2025 [October 2nd, 2025]
- U.S. to provide Ukraine intelligence on Russian energy infrastructure targets - report - Seeking Alpha - October 2nd, 2025 [October 2nd, 2025]
- Ukraine's Zelenskiy: Russia is creating the threat of nuclear incidents - Reuters - October 2nd, 2025 [October 2nd, 2025]
- The Win-Win-Win Pipeline: How PURL Initiative Fast-Tracks US Weapons to Ukraine - UNITED24 Media - October 2nd, 2025 [October 2nd, 2025]
- Russia warns of 'appropriate' response if US sends Tomahawks to Ukraine - The Kyiv Independent - October 2nd, 2025 [October 2nd, 2025]
- Trump finds new leverage in Ukraine fight with Tomahawk threat and long-range strike authorization - Fox News - September 30th, 2025 [September 30th, 2025]
- Opinion | Time to Abandon Active Defense in Ukraine - The Wall Street Journal - September 30th, 2025 [September 30th, 2025]
- Videos appear to show captured Cuban nationals who were fighting alongside Russia in Ukraine - CBS News - September 30th, 2025 [September 30th, 2025]
- Ukraine and Russia Blame Each Other for Power Cut at Zaporizhzhia Nuclear Plant - The New York Times - September 30th, 2025 [September 30th, 2025]
- Trump is failing Ukraine that will only change if he gets tough on Putin - politico.eu - September 30th, 2025 [September 30th, 2025]
- Videos appear to show captured Cubans who were fighting for Russia in Ukraine - CBS News - September 30th, 2025 [September 30th, 2025]
- Monday, September 29. Russias War On Ukraine: News And Information From Ukraine - Forbes - September 30th, 2025 [September 30th, 2025]
- What are Tomahawk missiles and why does Ukraine want them? - Reuters - September 30th, 2025 [September 30th, 2025]
- Ukraine war briefing: Zelenskyy urges west to cut off Russias energy revenues, saying decisive action long overdue - The Guardian - September 30th, 2025 [September 30th, 2025]
- With no guarantee of U.S. weapons, Ukraine races to make its own - NPR - September 30th, 2025 [September 30th, 2025]
- Russian drone and missile attack on Ukraine kills 4 and wounds at least 10 in Kyiv - PBS - September 30th, 2025 [September 30th, 2025]
- Smarter Funding Can Help Ukraine Win the Drone Wars - Bloomberg.com - September 30th, 2025 [September 30th, 2025]
- Giving Tomahawks to Ukraine could bring US into war, Kremlin warns - The Times - September 30th, 2025 [September 30th, 2025]
- Kremlin Expands Youth Indoctrination in Russia and Occupied Territories of Ukraine (Part Two) - The Jamestown Foundation - September 30th, 2025 [September 30th, 2025]
- There have been no signals from Kyiv about resuming Russia-Ukraine talks, Kremlin says - Reuters - September 30th, 2025 [September 30th, 2025]
- Why the Expected Swedish Gripen Fighters Are More Than Just Another Jet for Ukraine - UNITED24 Media - September 30th, 2025 [September 30th, 2025]
- Russia Is Terrorizing Ukraine With Huge Missile and Drone Bombardments - The National Interest - September 30th, 2025 [September 30th, 2025]
- 'Wake up and accept reality.' Vance warns Moscow on Ukraine war - usa today - September 30th, 2025 [September 30th, 2025]
- Near the frontline, Ukraine's neurosurgeons are on the cutting edge - NPR - September 30th, 2025 [September 30th, 2025]
- Sweden to Supply Gripen Jets as Ukraine Builds a Multinational Fighter Fleet - UNITED24 Media - September 30th, 2025 [September 30th, 2025]
- Ukraine is determined to give Russia a taste of its own medicine - The Spectator - September 30th, 2025 [September 30th, 2025]
- Videos appear to show captured Cubans who were fighting for Russia in Ukraine - MSN - September 30th, 2025 [September 30th, 2025]
- Trump Addresses UNGA Amid Global Tensions; Climate, Immigration, and Ukraine in Focus - FOX 5 DC - September 30th, 2025 [September 30th, 2025]
- Ukraine war live: Four killed after Moscow hits Kyiv in massive attack - The Independent - September 28th, 2025 [September 28th, 2025]
- Ukraine war live: Russia has no plans to attack Europe and open to negotiate - The Independent - September 28th, 2025 [September 28th, 2025]
- Why Ukraine is winning the war - Financial Times - September 28th, 2025 [September 28th, 2025]
- Russia attacks Ukraine with one of the largest aerial assaults of the war, killing four and injuring dozens - CNN - September 28th, 2025 [September 28th, 2025]
- War Crimes Trials in Ukraine And The Pursuit Of Justice As The War Continues - Forbes - September 28th, 2025 [September 28th, 2025]
- Ukraine eyes weapons and drone deals in impending visit to US - Reuters - September 28th, 2025 [September 28th, 2025]
- Ukraine aims to expand its weapons industry to deter Russia and help allies - Pittsburgh Post-Gazette - September 28th, 2025 [September 28th, 2025]
- Kenyan police break up ring trafficking people to Russia to fight in Ukraine - BBC - September 28th, 2025 [September 28th, 2025]
- War on the West: Russias provocations outside Ukraine demand action - New York Post - September 28th, 2025 [September 28th, 2025]
- Opinion: Why Ukraine rebuilds in the middle of war - Deseret News - September 28th, 2025 [September 28th, 2025]
- Invaders from the steppes: Locusts and the war in Ukraine - Ukraine War Environmental Consequences Work Group - September 28th, 2025 [September 28th, 2025]
- Russia's war casualty toll in Ukraine climbs by 1,110 over past day - Ukrinform - September 28th, 2025 [September 28th, 2025]
- As Russia tests NATO, calls to 'close Ukraine's skies' have returned here's what that means - The Kyiv Independent - September 28th, 2025 [September 28th, 2025]
- OPINION: Ukraine Is Rethinking Mental Health in Wartime and the World Should Take Note - Kyiv Post - September 28th, 2025 [September 28th, 2025]
- Poland and allies scramble jets as Russia launches massive aerial attack on Ukraine - TVP World - September 28th, 2025 [September 28th, 2025]
- What happens if Russia attacks Nato after Ukraine? - The Times - September 28th, 2025 [September 28th, 2025]
- India Calls For End To Hostilities In Ukraine, Gaza, Offers Help To Restore Peace: S Jaishankar - NDTV - September 28th, 2025 [September 28th, 2025]
- Russia and Hungary coordinate a bizarre falseflag narrative accusing Ukraine of plotting NATO drone strikes - Euromaidan Press - September 28th, 2025 [September 28th, 2025]
- Russias war needs bodies: Kenyan recruits rescued before being shipped to Ukraine frontline - Euromaidan Press - September 28th, 2025 [September 28th, 2025]
- Australia is spending billions on drones Ukraine says it can make that money count - Euromaidan Press - September 28th, 2025 [September 28th, 2025]
- King key to Trump U-turn on Ukraine - The Telegraph - September 28th, 2025 [September 28th, 2025]
- Ukraine-Russia war latest: US and Canada scramble fighter jets to intercept Russian military planes off Alaska - The Independent - September 25th, 2025 [September 25th, 2025]
- Stop Russia now or Putin will expand Ukraine war 'wider and deeper', Zelensky tells UN - BBC - September 25th, 2025 [September 25th, 2025]
- With His Pivot on Ukraine, Trump May Be Washing His Hands of the War - The New York Times - September 25th, 2025 [September 25th, 2025]
- Ukraine Is Now The Strongest Ally Europe Can Rely On - Bloomberg.com - September 25th, 2025 [September 25th, 2025]
- Finlands president says Putin should be worried after Trumps shift on Ukraine territory - PBS - September 25th, 2025 [September 25th, 2025]
- Video Trump criticizes Vladimir Putin for continuing war with Ukraine - ABC News - Breaking News, Latest News and Videos - September 25th, 2025 [September 25th, 2025]
- Russia accuses NATO, EU of waging 'real war' on it via Ukraine - Reuters - September 25th, 2025 [September 25th, 2025]
- Ukraine's Zelenskiy says he is ready to leave office after war - Reuters - September 25th, 2025 [September 25th, 2025]
- Trumps change in tone is valuable to Ukraine but more than words are needed - The Guardian - September 25th, 2025 [September 25th, 2025]
- What does Ukraine make of Trump saying it can win the war? - DW - September 25th, 2025 [September 25th, 2025]
- A new Trump policy on Ukraine, or more of the same? - Politico - September 25th, 2025 [September 25th, 2025]
- Trump has again changed his mind on Ukraine. But for how long? - CNN - September 25th, 2025 [September 25th, 2025]
- Russia will expand aggression beyond Ukraine if Putin is not stopped, Zelensky warns - BBC - September 25th, 2025 [September 25th, 2025]
- Trump's rhetoric on Ukraine changes, while his actions so far remain the same - NBC News - September 25th, 2025 [September 25th, 2025]