Statement of the Ministry of Finance regarding submission of evidence in response to the application for summary judgment

10/7/16

On behalf of Ukraine, the Ministry of Finance has today filed with the English Court its evidence in response to the application for summary judgment issued by the Claimant on 28 July 2016 in the proceedings relating to the $3 billion 5% Notes issued by Ukraine and taken up as to 100% by the Russian Federation in December 2013.

As the Claimant has made clear, the proceedings and application are being brought at the direction and for the exclusive benefit of the Russian Federation. As Ukraine’s evidence demonstrates, Russia is the true counterparty to the transaction which now seeks to extract payment despite both its illegitimate actions against Ukraine, which caused Ukraine to enter into the transaction, and the devastating damage Russia has inflicted and continues to inflict on Ukraine, its economy and its people in the period since then.

Ukraine’s evidence filed today puts forward a robust and compelling response to Russia’s attempt to persuade the English Court to determine its claim without even allowing Ukraine to present its full case at a trial. This includes extensive factual evidence concerning, amongst other things, the role of Russia in the disputed transaction, and the process through which the transaction was purportedly approved in the context of the huge illegitimate pressure which Russia was applying to Ukraine at the time, as well as evidence from the pre-eminent expert on matters of Ukrainian law relating to that transaction.

Ukraine now awaits Russia’s reply evidence, due to be provided on 4 November 2016, before the application goes to a hearing before the English Court in January 2017.

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