“We are willing to go to legal war with Russia,” Yatseniuk said. REUTERS/Valentyn Ogirenko
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Ukraine said Thursday it was prepared to battle Russia in court after the Kremlin refused to join a debt swap deal for the beleaguered country that has been accepted by the majority of its other creditors.Ukraine had agreed the debt exchange with a group of its largest creditors in August in order to plug a $15 billion funding gap under an International Monetary Fund-led $40 billion bailout program, but bondholders still needed to approve the plan by vote Wednesday.A $3 billion Eurobond held entirely by Russia is included in the 14 sovereign and sovereign-guaranteed bonds earmarked for restructuring, but the Kremlin has repeatedly said it would not participate in the process, arguing the debt has the status of an official loan as opposed to a commercial one.Ukraine is to now issue nine new bonds with maturity dates from 2019 to 2027, all paying a yield of 7.75 percent.
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