Russia didn't approve a formal counterproposal on the restructuring of a $3 billion Eurobond debt, after rejecting Ukraine's proposal within the debt restructuring scheme, Ukrainian debt envoy Vitaliy Lisovenko said.
“We have received no formal proposals from Russia. We had the original offer to which they replied that they do not want to speak with us. Therefore, the ball is on their side,” Lisovenko said in an interview to Interfax.
If the Russian side is ready to enter a negotiation process, with respect to the restructuring of the negotiable instruments at any time in future, then the debt will be restructured under the criteria set forth in the International Monetary Fund program and subject to the limits set by the conditions of the new sovereign bonds issue dated Nov. 12, he said.
It is particularly indicated there that any other participants refusing to accept the restructuring and exchange offer will not receive any better offers from Ukraine. There is also a formula which states that the net present value of the new transaction will not exceed that of the current transaction.
“Our public and legal stance is this: we are open to a dialogue but within those limits that are impartial and not up to us. They are beyond our influence and we must observe them,” Lisovenko said.
Lisovenko described the IMF’s decision to classify the “Russian debt” as a sovereign debt, as one for internal use only, explaining that it is valid exclusively for the IMF within its programs and procedures.
When commenting on the statements made by Russia in relation to the prospective lawsuit in the event of Ukraine’s rejection to redeem the Eurobonds, Lisovenko revealed that Ukraine is ready for any possible judicial proceedings, including any attempts to block Ukrainian assets abroad.
However, he declined to forecast when to expect such court proceedings and how long they could endure.
“We are ready for this. These issues were taken care of by our lawyers a long time ago. And this is not for us to answer the question about when a lawsuit can be filed,” Lisovenko said.
