Clifford Chance

Ukraine and Russia: A phoney war

1 November 2018

The Court of Appeal has ordered that Russia's claim against Ukraine for repayment of sums due on a Eurobond should go to a full trial. The Court rejected most of Ukraine's defences, but it decided that the question of whether Ukraine entered into the relevant agreements under duress required a full investigation of the facts. Beyond the special facts applicable to Russia and Ukraine, however, the decision will give comfort to participants in the sovereign debt markets.

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