Markets
Ukraine Wins UK Top Court Case Over $3 Billion Bond Default
- Suit will now go to a full trial to probe Russia’s aggression
- Issuance of euro bond dates to 2013, before Kyiv revolution
The Supreme Court in London.
Photographer: Peter Dazeley/Getty Images
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Ukraine won a significant boost in its attempt to set aside a $3 billion defaulted bond after the UK Supreme Court ruled that judges need to consider the backdrop of Russia’s campaign of threatening behavior in the run-up to the annexation of Crimea.
Britain’s top court declared that a judge should pore over Russian attempts to strong-arm Ukraine into issuing the bond, giving the green light to a full-blown London trial. The long-awaited decision allows Ukraine to argue that the bond, sold in 2013 on the eve of the revolution in Kyiv, was part of unlawful political and military aggression from Moscow.