British justice rules in favor of kyiv in a case of non-reimbursed loan in Moscow
Britain’s Supreme Court ruled in favor of Ukraine on Wednesday over a $3 billion Russian loan granted in 2013 that Kiev is refusing to repay, saying the case should go to trial and not a summary procedure, as requested by Moscow. Volodymyr Zelensky greeted Wednesday in a tweet “another decisive victory against the aggressor, this time before the Supreme Court of the United Kingdom”.
The Law Debenture Trust Corporation, a trust that acts on behalf of Russia, had sought summary judgment, “a procedure which allows the court to decide without a trial when the defense has no real prospect of success and there is no other compelling reason for a trial”, the Supreme Court said in a statement. But “Ukraine will be allowed to defend” His point of view “at a trial in the High Court” British, on the basis that the loan was accepted by Kyiv ” under duress (…) resulting from an alleged threat of use of force by Russia”continue the judges.
The highest British court thus confirms a judgment on appeal. A lower court ruling originally agreed with Russia and ordered Ukraine to pay the sums at the heart of the dispute. Ukraine announced at the end of 2015 that it refused to repay this debt. Russia indicated in February 2016 that it had filed a complaint against kyiv before the British courts to obtain payment. Ukraine maintains that it accepted this loan “as a result of massive economic and political pressure from Russia”, according to the Supreme Court statement. Kiev argues in particular that the decision was taken under pressure from Moscow on pro-Russian President Viktor Yanukovych, who was then overthrown in the February 2014 uprising. In the same year, the Crimean peninsula, a Ukrainian territory, had been annexed by Moscow.
The debt securities were issued by Ukraine in 2013 with an interest rate of 5% per annum, under a contract subject to English law. Ukraine had initially made a few payments, before refusing to pay. The Supreme Court clarified on Wednesday that the hearing on which its judgment was based took place before Russia invaded Ukraine in February 2022.