THERE IS NO WAY OUT FROM PAYING DEBT FOR UKRAINE


31/03/2017




İlknur Şebnem Öztemel-TDO-  Recently, the UK High Court in London ruled against Ukraine to pay its $3 billion debt to Russia as Kiev had no justifiable defense for failing to pay it back.

In February 2016, Russia filed a lawsuit against Ukraine with London's High Court of Justice, demanding itsKievto back the loan.Regardless of its unpleasant economic situation, Ukrainian officers tried to persuade the court by saying that they would settle the debt after Moscow returns Crimea and compensates it for losses caused by the conflict in eastern Ukraine.

AlthoughUkrainian government is seemed to be in a hopeless position, Ukrainian Finance Ministry asserted that the court also allowed Kiev to appeal the decision. In case of an appeal, Ukraine must knock the door of the Supreme Court of the United Kingdom, the highest appellate court in the UK.

Pavel Nefidov, director of the CIS Financial and Banking Council, told to Sputnik that Kiev does not have solid arguments to challenge the ruling.

Nefidov told Radio Sputnik as"Ukraine has some arguments, but all of them are feeble and related to politics, not to legal norms. Of course, the majority of financial transactions in Ukraine are currently related to politics’’. He added ‘’ The 'we don’t have money and won’t pay' scenario will not work out. I can’t rule out that some international financial institution may provide Kiev with money to settle the debt. Ukraine always borrows to repay other debts’’.

 


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