Ukraine’s finance minister said a “win-win” deal for restructuring $18 billion of debt had been agreed with a group of its largest creditors.

The minister, Natalia Yaresko, said late on Wednesday in comments embargoed until yesterday that the deal involved a 20 per cent writedown on the principal and met all targets set by an International Monetary Fund bailout programme.

“Everyone’s done well out of this deal. That’s why it’s collaborative. It’s not one side winning, it’s a win-win situation. We’re all now moving forward without putting the value of the bonds at any further risk, she said.

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