World Economy

Ukraine Officially Defaults

Ukraine Officially DefaultsUkraine Officially Defaults

Russia’s Finance Ministry is filing a lawsuit against Ukraine for failing to pay off its $3 billion debt to Russia before the December 31 deadline. This means that Ukraine is now officially in a state of default, the ministry added, RT reported. “Ukraine has not made the payment of $3.075 billion in repayment and servicing of external bonds owned by Russia during the grace period, which expired on December 31, 2015. Thus, Ukraine is in a state of default now,” the ministry said in a statement. The lawsuit will be filed in the London Court of International Arbitration.