The UK court agrees with Ukraine on the Maidan-era bond
Kiev’s claim that it was forced to take a $3 billion loan from Moscow will be tried in full.
On Wednesday, it was said that the UK Supreme Court had decided to send a case about Ukraine’s unpaid debt to Russia to a full trial.
The case is about $3 billion in Eurobonds that Moscow gave to Kiev in 2013. Ukraine later refused to pay back the loan, saying it was a political loan that the country was forced to take.
According to the ruling, Kiev will be able to defend its claim in a trial before the UK High Court “because Ukraine had an arguable and justiciable defence of duress.”
Russia had asked for something called a “summary judgment,” which is a quick way for the court to decide a case without a trial.
President Vladimir Zelensky of Ukraine called Wednesday’s court decision a “victory.”
The case was heard in November 2021, and a press release says that the Supreme Court was not asked to take Russia’s military operation in Ukraine into account when making its decision.
Moscow gave Kiev the money in the form of a Eurobond in December 2013. At the time, Viktor Yanukovich was president, but he lost his job after the Euromaidan coup early the next year.
When Ukraine didn’t pay back by the end of 2015, Russia sued in English courts because Eurobonds are governed by English law. In the past, appeal judges have often overturned lower court decisions.
In 2017, the High Court said that Ukraine didn’t have a “justifiable” or court-ready reason for not paying back the $3 billion that Russia loaned them.
The court did not proceed with the whole trial as requested by the defendant.
Kiev filed an appeal against the verdict.