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Ukraine, Russia reach consensus on partial debt restructuring

Xinhua, January 14, 2016 Adjust font size:

The Finance Ministry of Ukraine on Wednesday announced it had reached an agreement in principle with Russia's Sberbank over the restructuring of the government-guaranteed debt of two Ukrainian enterprises.

"The parties have agreed to work together to achieve a settlement of the transaction as soon as possible," said a statement on the ministry's website.

There are no further details about the agreement of debt restructuring.

The ministry pledged that it stands ready for negotiations with Russia over the possible restructuring of other debts Ukraine owed to Russia, according to the statement.

The two Ukrainian enterprises are the State road agency Ukravtodor and Yuzhnoe Design Bureau, an airspace company. Sberbank had allegedly provided Ukravtodor and Yuzhnoe Design Bureau with a total of 507 million U.S. dollars of loans in the period from 2006 to 2011.

In December last year, Kiev imposed a moratorium on the debt repayment to Sberbank, along with a ban on payments of a 3-billion-dollar loan in the form of Eurobonds borrowed from Russia by the cabinet.

Moscow said it would file a lawsuit against Kiev at the international court if the payments were not made. Endit