Russia is suing Ukraine over the country's default on a $3bn Eurobond issued in 2013. Moscow is reportedly seeking to retrieve the bond debt in full as well as $75 million in unpaid interest and legal fees after 'numerous futile attempts to encourage Ukraine to enter into good faith negotiations to restructure the debt,' said Russian finance minister Anton Siluanov. Kiev has appointed litigation specialist Quinn Emanuel lawyer Alex Gerbi to defend Ukraine against the claim, while Cleary Gottlieb London litigator Jonathan Kelly is acting on behalf of Moscow. The bond in question was arranged by White & Case and Clifford Chance under English law, which allows Russia to pursue the claim in the English court system.
New court endorsed
Russia's claim will be the most high-profile case to come before the London High Court's newly-launched 'financial list', which includes specialist financial services judges. According to reporting in Legal Business, the decision to lodge the claim in London will likely be seen as a show of faith in the new court and of the English court system more generally, as there was speculation that Russian claimants might take their cases elsewhere after sanctions were imposed against the country. 'I expect the process in the English court will be open and transparent,' said Mr Siluanov. Sources: Legal Business; Reuters
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