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Financial Services Law Insights and Observations

Treasury applauds deferral of Ukrainian debt payments through 2023

Financial Crimes Department of Treasury Of Interest to Non-US Persons Ukraine Ukraine Invasion

Financial Crimes

On September 14, U.S. Treasury Secretary Janet Yellen announced that the Group of Creditors of Ukraine, which includes the U.S., concluded a Memorandum of Understanding to implement Ukraine’s request for a coordinated suspension of debt service through the end of 2023. According to Yellen, easing liquidity pressures will allow the Ukrainian government to direct additional spending towards its domestic needs and the welfare of its people. Yellen urged other official bilateral creditors, including private creditors, to support Ukraine as it defends itself from Russia’s invasion. The Group of Creditors of Ukraine issued a statement applauding measures taken by the Ukrainian government to address the economic and financial consequences of the war, and welcoming the conclusion of an agreement with bondholders and warrantholders to defer debt payments for two years.

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