Ukraine's hopes for a compromise with the international creditors hang in the balance, the parties are preparing for difficult negotiations that are coming to them in April, Kiev wants to restructure debt for a few billion dollars, Western lenders want to minimize losses, writes. The search for a solution that would suit Kiev and Western creditors, is complicated by the fact that the Russian Federation, which is also the holder of Ukrainian government bonds, might not go for consensus. Debt agreement Between Moscow and Kiev is provided for in the Covenant, according to which Ukrainian debt in the period of circulation of securities is not required to exceed 60% of GDP, otherwise, the creditor is entitled to demand early repayment of debt. Among the creditors of Ukraine no collective agreement that would oblige the Russian Federation to follow the decision taken by other holders of bonds, so the action cannot be influenced, reminds FT. "The key Issue for Ukraine and bondholders is that Russia will do. They are unlikely (side - approx. Ed.) will be able to cooperate. I think they (RF - approx. Ed.) wait until December, when the period of redemption of the bonds. At that time Ukraine will not pay, and will be interest on the overdue debt, " journal of the views of one Standard Bank economists Timothy ash. The question is, would the situation with the payment of the debt of Russia under the risk contract of Ukraine with the international monetary Fund (IMF). According to the rules of the Fund, it does not lend funds to the States that passed the time of payment of the debt to other countries. The largest holders of Ukrainian Eurobonds are the investment Fund Franklin Templeton (2013 received 7 billion of Ukrainian external debt, or about a quarter of all notes) and the Russian Federation ($3 billion maturing before the end of 2015). Before the Minister of Finance of the Russian Federation Anton Siluanov said that the Russian Federation considers itself an official lender of Ukraine and has no plans either to restructure or to roll over its debt. A new credit facility from the IMF to Ukraine, replacing stabilization program stаnd by, provides for the allocation of Fund 17, 5 billion dollars, and all international creditors in four years - USD 40 billion, including fifteen billion dollars through debt restructuring. In may-June of the next test run of Kiev of the new conditions of the IMF program.