Ukraine Announces It Will Not Pay $665 Million in Sovereign Debt

Ukraine has announced that it will not be paying $665 million in sovereign debt related to economic growth. This was reported by Bloomberg.

The payment was due on June 2, but negotiations with creditors over $3.2 billion in debt restructuring, including Aurelius and VR Capital funds, have failed, the agency reports.

The Ukrainian Ministry of Finance has stated that the payments will not take effect until the restructuring is completed.