KIEV, Sept. 29 – The determination by the International Monetary Fund on whether Ukraine's $3 billion debt to Russia is either commercial or official may affect future disbursements under the Extended Fund Facility Arrangement (EFF) for Ukraine, according to a memorandum on the exchange of securities which has been posted on the website of the organizer of the deal, D.F.King.

According to the memo, the current policy of the IMF is that it may not extend financing to a member which has arrears under official debt.

"Although Ukraine is treating the December 2015 notes on the same basis as all its other sovereign eurobonds for the purposes of the invitation, to date the IMF has not determined whether the December 2015 notes have the status of commercial or official debt under their internal methodology," reads the memo.