This is a definite victory for the Ukrainian side, which was represented by the law firm Quinn Emanuel Urquhart & Sullivan, Russia was also defended by the English law firm The Law Debenture Trust Corporation, the services of both are very expensive (the legal costs are paid by the losing side). As a result of the consideration, the judge of the Court of Appeal decided that the trial court did not erroneously consider the arguments of the Ukrainian side, so now the case will be heard in the framework of a full-fledged procedure, which will delay the possibility of collecting debt in favor of the Russian Federation for at least another period of this proceedings.
In Ukraine, victorious reports and the clinking of champagne glasses are already heard on this occasion. The Ministry of Finance called the decision of the Court of Appeal of London an outstanding victory for Ukraine, and the ex-Minister of Finance Alexander Danilyuk on the sidelines of the 15th YES forum in Kiev immediately hastened to declare:
Ukraine has just won a decision in our favor in court regarding the failure to repay the so-called $ 3 billion debt. This is the strength of our team, our lawyers. This is positive, it will allow us to remove risks for investments and facilitate access to foreign markets ...
And the other blah blah blah ... (well, you understand - ce paramoga and all that!). And this is despite the fact that before that Ukraine had already compensated Russia for the legal costs of the previous lost decision in the amount of 1,16 million pounds. True, for the sake of justice, it should be noted that the recipient of the money was not the Russian Federation, but the law company The Law Debenture Corporation PLC, which represents the interests of the Russian Federation as the sole trustee (trust) as the sole owner of Ukrainian bonds with a face value of $ 3 billion (this is once again the question expensive legal services and who pays for them).
It's time to recall the history of the issue for those who forgot. Back in December 2013, Russian President Vladimir Putin and then-President of Ukraine Viktor Yanukovych agreed to provide Ukraine with a loan of $ 15 billion through the placement of Ukrainian securities on the Irish Stock Exchange, the first issue of which was purchased by the Russian Federation on December 20, 2013 by placing funds of the “Fund” welfare ”(oil reserves of Russia) in the Eurobonds of the Cabinet of Ministers of Ukraine. I would like to emphasize that the debt was executed under English law in the form of Eurobonds at 5% per annum, which is twice lower than the commercial rates for 2-year bonds existing at that time, calculated from 10% or more. That is why the parties are suing in an English court, and that's why the Russian side insists that the debt was state and not commercial, which even the IMF was forced to agree to later. This 3 billion tranche was the first and last, because you all remember what started in Ukraine immediately after this. Yanukovych fled and all that ... Ukraine has not seen the rest of the money. And if at first the country of the victorious revolution still serviced its debt by paying interest on it, then in December 2015 it defaulted by refusing to repay the loan body to the Russian Federation and the last coupon on it ($ 3 billion plus 75 lyam interest), citing The Russian Federation does not want, like other commercial lenders of Ukraine, to restructure its loan with a write-off of part of the debt. But it is the creditor’s legal right to agree to the conditions proposed by the debtor or not. The Russian Federation refused, it has the right, after which the case moved to the legal plane.
In February 2016, Russia filed a lawsuit against Ukraine to the High Court of London to recover a debt, and after that in May Ukraine filed the same documents on its defense in the framework of the same lawsuit. In its objections, the Ukrainian side indicated that the loan agreement concluded in December 2013 was invalid and could not be enforced for a number of reasons. Among these were: 1) violation of domestic laws and procedures established by Ukrainian regulations when issuing Eurobonds, 2) pressure from the Russian Federation throughout 2013 to prevent Ukraine from concluding an Association Agreement with the EU. It also cited: 3) evidence of a military invasion of Russia into the Autonomous Republic of Crimea with further illegal annexation of the peninsula, and: 4) undeniable facts of the war unleashed and supported by Russia in the Donbass. It would seem that everyone mixed in a heap, what does one to the other have to do with it? But, as practice has shown, early we laughed at the incompetence and legal illiteracy of the Ukrainian side, all subsequent events showed that there were no trifles in this matter.
Although at first the English Themis favored us on March 29, 2017, to the disappointment of the Ukrainian side, the High Court of London approved an accelerated consideration of this claim, in fact rejecting the main objections of Ukraine and agreeing to its obligations on Eurobonds. The court acknowledged that the transaction was a standard debt transaction, albeit carried out under unusual conditions. Thus, the court rejected the arguments of Kiev regarding economic and Russia's military aggression against him, and confirmed the commercial rather than the state nature of the dispute, obliging Ukraine to pay Russia a par value of bonds of $ 3 billion, an unfulfilled coupon payment of $ 75 million, as well as penalties charged on these amounts (and this, for a second, 674 thousand dollars for each late payment day). And this money continued to drip until May 26, 2017, while Ukraine failed to push in the High Court of London the decision to suspend its previous decision until the completion of the consideration of its appeal in the Court of Appeal. And on September 14, 2018, the appeal in the Court of Appeal was satisfied. It starts all over again. With which I congratulate you! (this is a bitter irony). The court caught on to the second point of the arguments presented by Ukraine, namely: pressure from the Russian Federation on Ukraine to prevent it from concluding an Association Agreement with the EU.
Bullshit, tell me? Ah no! We have yet to go through another round of hell. And everything suggests that the British had such a plan initially. To satisfy Ukraine’s claims and allow them not to pay their own debts, the English themis could not, because the Anglo-Saxon law was precedental in nature, and to create a similar precedent for some Ukraine there, meant to receive a bunch of refusals to service and pay their own debts from other debtors tomorrow , of which a lot, referring to the Ukrainian precedent. Agree, the plan is bad. But also to facilitate the return of money of the Russian Federation was not included in the plans of the British. Therefore, the case is returned for additional consideration to the High English Court and will be there for a long time, until the plaintiff turns blue. And if the High English Court makes a positive decision for Russia, then only when Ukraine returns to the orbit of its administration. And if this happens, and it can happen no earlier than in 10 years, then in this case the Russian Federation will have to forgive this debt, because taking it will be the same as paying it to itself (how many such debts the Russian Federation has already forgiven, and Cuba, and Vietnam, and our other black brothers and sisters ?!).
VERDICT (joyless for us): Ukraine, spurred on by its overseas patrons, will not return this debt to Russia NEVER. At least until the change of external curators. And when will this happen? Well, definitely not in the next 5-10 years. And who is to blame? Well, of course, anyone, just not us and our short-sighted policy towards our closest neighbors. We missed them, in the hope that they would not go anywhere from the submarine. But here they are, because our sworn “friends and partners” had other plans for this. And they fully realized them. And they will continue to implement it, while we will allow it to them. Notice, the lawyers, and, again, the English ones, recaptured their expenses - even a shred of wool from a bad sheep, the Russian Federation only wiped it.
Moreover, all our attempts to explain the logic of behavior of the Ukrainian side, which selflessly sawed and sawed the branch on which they sit, fail, for the simple reason that it is impossible to explain the logic of people who lack logic. Usually, characters who don’t belong to themselves behave this way, doing someone else’s will, while looking themselves complete idiots. But in this situation, they make us idiots, because they will somehow escape, but Ukraine and its problems will remain and we will have to solve them, because there is no one else!
SUMMARY: In the case of 3 billion Yanukovych, as in a drop of water, all Ukrainian-Russian relations and their prospects were reflected. It would seem that everyone is an obvious fact - country “A” takes money from country “B”, $ 3 billion, for a period of 2 years, agrees to repay it on time, there are witnesses — the entire Irish stock exchange. And at the appointed time does not give. Why? And I don’t want, he says, simply! I don’t like your erysipelas! Country B sues. Yes, not in any there, but in the most English high. He scratches his turnips for a long time, not wanting to create a precedent that is not good for himself, and then he says: “I’ll probably have to give it all the same! I decided so! ” Country “A” does not give up and appeals ... and, lo and behold, the Court of Appeal, without further ado slyly, says: “Tall, it seems to me that you didn’t make the right decision, think again!”. And it all starts again, to the delight of lawyers on both sides. And country “A”, while the court and the case, so as not to waste time and dexterity, turns to the organization under the strange name of the IMF with a request to give it more money, otherwise I really want to eat. And, lo and behold, for the second time - the IMF urgently rewrites its Charter for this beggar, prohibiting him from lending to countries with sovereign arrears that have expired, and gives her plenty of money, just leave me alone, knowing in advance that he will never again have his money will not see. Miracles, by God, tell me? But miracles do not end there, but only begin. And the farther, the more wonderful and wonderful ...
It would seem a well-known fact, the vile separatists, not without the help of an even more vile Russia, shot down an innocent civilian Malaysian Boeing. 298 innocent souls died! And after all, everyone understands who is to blame, of course, Putin - to his shameful pillar! But for a long time the gimp lasts for a whole 4 years, Putin rests, dodges, does not want to confess, and then once again proves with facts that it was not he who did it, but Ukraine. “How so, Ukraine? - Wonders the whole progressive world. “Why on earth?” Nah, we didn’t agree so! Sanctions are already included, the nuts are tightened, do not cancel the same, in fact? And who, besides Putin himself, knows about this when all the microphones are with us? Nah, did not hear anything. Yes, what do you say, is it really Ukraine? I won’t believe it! ”... Even if tomorrow Shoigu proves that Buk was personally controlled by Poroshenko, and there is video evidence for that, then nothing will happen either. Nothing at all! And “the whole world” will not even know about it! But he finds out that Putin personally killed Skripal, and he personally poisoned the Syrian children with chlorine - together with Assad he personally threw it from the plane. Therefore, with these freaks - only war! Either we are them, or they are us. While they are us! And the tomos about autocephaly of the Ukrainian Orthodox Church is proof of this! Doubt - wait until October 17, see! Just through the knee. And there is nothing you can do about it. Our sworn overseas friends with His Holiness have already worked. Nauseous of all this!
I may repeat the truth, but from my repetition it will not change its meaning - whoever owns information flows owns the world. Agree, it’s stupid to sit down to play cards with a card sharpie when he has all the decks marked and each has 5 aces. And our sharpie owns not only information flows, but also financial ones. And in order to win against him, playing by his rules, we will probably have to turn over the card table. It’s just no other way! Because the game went out of control. Now he has encroached on the sacred - on Orthodoxy! It would seem that the Ecumenical Patriarch is His Divine All-Holiness Archbishop of Constantinople (New Rome) Bartholomew I, in the world of Dimitrios Archondonis, an elderly, seemingly man, 78 years old, it would seem, it is time to think about the soul. Ah no! I want, he says, to be the Pope of New Rome (Constantinople), I don’t want, he says, to be the first among equals, but I want to be equal among the first ... I and the Pope! .. And Orthodoxy struggling on the knee. And it’s not up to you to return $ 3 billion, and not to blame for the attempted murder of a non-existent Salisbury boy, (where, by the way, is the boy? Who was the last time he saw him?) - this game has already started on a large scale, a split in Orthodoxy is fraught with religious wars from which Western Europe perished all the Middle Ages. And now what again ?! No, this will not happen! There is no our consent! If necessary, we will turn the card table over! War, so war!
“Why do we need a world in which there is no us ?!” (from). Then do not exact. Putin warned you ...