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| UK court sides with Ukraine over bond default battle with Russia | UK court sides with Ukraine over bond default battle with Russia |
| (about 2 hours later) | |
| Kiev’s defense that it accepted a $3 billion loan from Moscow under duress will go to full trial | Kiev’s defense that it accepted a $3 billion loan from Moscow under duress will go to full trial |
| The UK Supreme Court has decided to send a case concerning Ukraine’s unpaid debt to Russia to a full trial, it was announced on Wednesday. | The UK Supreme Court has decided to send a case concerning Ukraine’s unpaid debt to Russia to a full trial, it was announced on Wednesday. |
| The case focuses on $3 billion in Eurobonds that Moscow lent Kiev in 2013, which Ukraine later refused to pay, claiming it was a political loan that the country had been forced to take. | The case focuses on $3 billion in Eurobonds that Moscow lent Kiev in 2013, which Ukraine later refused to pay, claiming it was a political loan that the country had been forced to take. |
| According to the ruling, Kiev will be permitted to defend its claim at a trial before the UK High Court “because Ukraine had an arguable and justiciable defense of duress.” | According to the ruling, Kiev will be permitted to defend its claim at a trial before the UK High Court “because Ukraine had an arguable and justiciable defense of duress.” |
| Russia had sought a so-called summary judgment, a simplified procedure which enables the court to decide a claim without a trial. | Russia had sought a so-called summary judgment, a simplified procedure which enables the court to decide a claim without a trial. |
| Ukrainian President Vladimir Zelensky hailed Wednesday’s ruling as a “victory.” | Ukrainian President Vladimir Zelensky hailed Wednesday’s ruling as a “victory.” |
| The hearing in the case was held in November 2021, and, according to a press release, the Supreme Court was not asked to consider Russia’s military operation in Ukraine when considering its judgment. | The hearing in the case was held in November 2021, and, according to a press release, the Supreme Court was not asked to consider Russia’s military operation in Ukraine when considering its judgment. |
| Moscow lent the money, in the form of a Eurobond, to Kiev in December 2013 during the presidency of Viktor Yanukovich, who was ousted during the Euromaidan coup early the following year. | |
| After Ukraine failed to repay by late 2015, Russia brought a lawsuit in the English courts, as Eurobonds are governed by English law. The court has a long history of appeal judges overturning lower court rulings. | After Ukraine failed to repay by late 2015, Russia brought a lawsuit in the English courts, as Eurobonds are governed by English law. The court has a long history of appeal judges overturning lower court rulings. |
| A previous High Court ruling in 2017 stated that Ukraine had failed to offer a “justifiable” or court-ready defense for not paying back the $3 billion lent by Russia. The judge refused to send the case to a full trial. Kiev appealed the decision. | A previous High Court ruling in 2017 stated that Ukraine had failed to offer a “justifiable” or court-ready defense for not paying back the $3 billion lent by Russia. The judge refused to send the case to a full trial. Kiev appealed the decision. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |