You're reading: Russian Finance Ministry: UK High Court rules Ukraine must repay $3 billion to Russia

London’s High Court has ruled that Ukraine needs to pay back Russia $3 billion in eurobonds along with accrued interest after reviewing Russia’s case against Ukraine in an expedited procedure, the Russian Finance Ministry’s press release said.

London’s High Court found there to be a lack of any kind of arguments from the defendant, refuting arguments by the complainant on the presence of debt on the eurobonds and as a consequence, there was no need to review the presented defense arguments in full trial proceedings, which envisaged oral hearings from the sides, it reads.

In particular, in its decision the court noted that taking into account the fact that the issue was about requirements to meet obligations on a debt instrument, the respondent does not have any arguments the court could subject to review in favor of not recognizing the validity of those demands, the press release said.

Thus, the court has “delivered its final ruling, which obligates Ukraine to pay on eurobonds to Russia in full,” the ministry said.

No further hearings in the London High Court are envisaged, it said.