Translated material
Ukraine agreed with Sberbank to write off part of the debt
Ukraine and Sberbank of the Russian Federation agreed to write off 25% of the debt on loans issued to Ukrainian enterprises in 2011, Ukrainian Finance Minister Natalia Yaresko said.
We are talking about loans issued by Sberbank to Ukravtodor and Yuzhnoye Commercial Bank under state guarantees.
“We managed to agree with this creditor on the following conditions: the amount of the debt is $367.4 million, 25% - write-off of the nominal value of the debt, that is, $91.8 million, extension of the repayment period - until September 1, 2019 and registration of the new debt with external government bonds loan and the corresponding issuance of government derivatives,” she said […].
- The Ministry of Finance of Ukraine announced that it had reached an agreement with Sberbank on the principles of restructuring loans to Ukravtodor and Yuzhnoye Commercial Bank in January 2016. Loans worth $367 million and $260 million, respectively, were issued in 2011, Interfax reports .
- Ukraine owes Russia three billion dollars, allocated as the first tranche of a $15 billion loan in November 2013, when Viktor Yanukovych was Ukrainian president. Further payments were frozen after the change of power in Ukraine.
- The debt was due to be repaid by the end of 2015. In December, Ukraine introduced a moratorium on debt payments. Russia promised to sue Ukraine after the loan repayment period expired, but, according to Russian Finance Minister Anton Siluanov, it has not yet done so.
- In November 2015, Russia offered Ukraine to restructure its debt by postponing payments to 2016-2018. Ukraine did not accept this proposal. On February 10, it became known that Russia rejected the restructuring terms proposed by Ukraine through German mediation, since they turned out to be worse than those offered to Ukraine’s commercial creditors.