A recent ruling at the World Bank's International Centre for the Settlement of Investment Disputes may make it more complicated for Russia to ensure that the US$3bn Ukraine bond it holds is paid in full. The instrument is due to mature this December, but Ukraine has just announced proposals to restructure all its US$18bn of bonds maturing in the next four years by extending their maturities beyond 2018, alongside other changes (see Emerging Markets section for details). The proposals will be put to Ukraine's parliament in the coming weeks. Offer documents will then be published so a deal can be agreed before the maturity of a US$500m bond on September 23. However, Russia's finance minister has already said the country will not accept the proposals.
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