MINISTRY OF FINANCE OF UKRAINE: STATEMENT RELATING TO SUPREME COURT HEARING, 11 NOVEMBER 2021

Ukraine makes final submissions before United Kingdom Supreme Court, reinforcing its assertion that its US$3 billion Eurobonds were issued in 2013 under Russian duress.

At a hearing held today at the United Kingdom Supreme Court, Ukraine took the opportunity to present once more its legal position in relation to the claim brought against it in respect of the US$3 billion Eurobonds purportedly issued as a conventionally listed debt instrument in December 2013 but taken up as to 100% by the Russian Federation in highly exceptional circumstances.

Ukraine has always contended that, as a result of Russia’s preceding threats and acts of both economic and military aggression, it was left with no choice and ultimately coerced by Russia into entering the contracts for the bonds.

Consequently, Ukraine contends that either the bonds should be set aside by the Court for duress, with the Court conducting a full public trial into Russia’s conduct, or the legal proceedings should be stayed, as a matter of justice and fairness, if the English Court considers it cannot for reasons of its own rules proceed to hear Ukraine’s defence. This is the position which was adopted by the English Court of Appeal in its highly important decision in September 2018.

Ukraine remains confident of a positive outcome in the proceedings, which are brought as part of a broader strategy of aggression against Ukraine that continues to be waged by Russia to this day. Ukraine reaffirms its commitment to standing firm in the face of Russia’s aggression.

Following today’s hearing, it can be expected that the Supreme Court will now conclude its deliberations and proceed to give its judgment.