Russia not ready to compromise on Ukraine debt: Finance Minister

Reuters , Friday 9 Oct 2015

Moscow is not ready to compromise on Ukraine's debt, Russian Finance Minister Anton Siluanov said on Friday before a meeting with Ukrainian Finance Minister Natalia Yaresko.

Siluanov has previously said Russia will demand full repayment in December of a $3 billion Eurobond from Ukraine that Kiev sold in late 2013 when former Ukrainian President Viktor Yanukovych was still in power.

"We have a firm position, no compromises. One needs to meet, of course, talk, that is always correct and beneficial," Siluanov told reporters on the sidelines of the International Monetary Fund and World Bank semi-annual meeting.

It will be the first meeting between the countries' finance ministers since January, when Ukraine announced its plans to restructure its foreign debt.

Russia has insisted that the debt Kiev owes Moscow is not commercial debt and should not be part of the debt restructuring. Ukraine has said that all of its debt holders should be treated equally.

Siluanov said the money is already penned in for one of Russia's sovereign wealth funds for next year.

"We will immediately use it towards projects," Siluanov added. 

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