Ukraine looks to restructure €14bn

Ukraine’s government has approved a list of debt that should be restructured under an IMF programme to save the nation $15.3bn (€13.94bn), including $3bn in Eurobonds sold to Russia.

Ukraine’s sovereign and corporate debt incurred before February 28 is included, the Finance Ministry said on its website. The last category covers state banks, the railways operator and the city of Kiev, according to the statement.

Ukraine is trying to reach an agreement with creditors including Franklin Templeton, which holds about $7bn in the debt, to save $15.3bn through the restructuring. Russia says it bought the Eurobonds in 2013 to support the government of then-Ukrainian president Viktor Yanukovych and is already contributing by not demanding early repayment.