Russia's Siluanov says Moscow made offer to Ukraine over debt

Reuters News
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Posted: Nov 16, 2015 5:15 AM

BELEK, Turkey (Reuters) - Russia wants to reach a compromise over Ukraine's debt to Russia and has made an "interesting" offer to settle the issue, Russian Finance Minister Anton Siluanov said on Monday.

The 11th-hour offer represents an apparent U-turn by Russia, which has been insisting for months that it expects Ukraine to repay the debt in full when it falls due next month and would treat any failure to do so as a default.

Siluanov did not provide any details about what the Russian offer involves, other than to say that Russia continues to regard restructuring on the same terms as commercial creditors as unacceptable.

Siluanov revealed the offer after a meeting with the head of the International Monetary Fund, Christine Lagarde, who is also attending the Group of 20 summit in Turkey.

"Russia made an offer about the procedure for payment by Ukraine. This proposal will be interesting and placed at the basis of regulating (the debt)," Siluanov said on the sidelines of the summit. "We consider restructuring on the terms of commercial creditors unacceptable."

(Reporting by Denis Dyomkin, writing by Jason Bush; Editing by Catherine Evans)