Russia has refused to accept the terms of a private sector debt write-down agreed between Ukraine and its creditors after months of international wrangling.
Kiev announced it had struck an agreement for a 20pc haircut and a four-year maturity extension with a committee of its largest private creditors over $18bn of government debt.
Ukraine has been battling to satisfy the conditions of an International Monetary Fund bail-out, which requires it to secure relief on its $72bn debt mountain for its war ravaged economy. The government had previously called on its creditors to accept a 40pc loss on the country’s bonds.
But the terms of the deal – which provides around $3.6bn of debt relief – was immediately rejected by Moscow.
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