The Ukrainian Finance Ministry has taken into consideration Russia's decision to initiate legal action against Ukraine over the $3 billion December 2015 Eurobonds and said it was ready to defend itself and at the same time hold talks on restructuring these debt liabilities.

"Ukraine is ready to defend itself against any claim that may be brought against it, and is confident of doing so successfully under any circumstances," the Ukrainian finance agency said in a statement on Jan. 5.

"Despite any legal action, and without any bias regarding the debt liabilities as such, Ukraine remains ready to negotiate with Russia in good faith the restructuring of the December 2015 Eurobonds which will allow it to attain the financing targets agreed with the IMF [the International Monetary Fund] under the Extended Fund Facility, while meeting its contractual commitments to other bondholders," the ministry said.