
Firstly, it was not made to Ukraine - which is the country that owes the money - but to the IMF's Christine Lagarde. Secondly the "offer" is conditional on the IMF - or the US or EU - guaranteeing to pay Russia the money if Ukraine defaults. On that basis Putin said Russia would accept payment in instalments, each of $1 billion, payable over 3 years. Ukraine would however continue to pay interest.
If the offer were accepted Russia would get all its money - either directly from Ukraine or from the IMF or US or EU - plus interest on top, only over 3 years instead of in December. Putin cheekily pointed out that if Lagarde is so sure Ukraine is about to become solvent, giving Russia a guarantee should present no problems.
In reality - as Putin well knows - there is no chance the IMF or the US or the EU will ever give Russia such a guarantee. In the case of the IMF it is questionable whether it is legally able to. In the case of the US and EU doing so would be politically impossible.












Comment: Even the baroness of the IMF is outmatched by Putin. No worries, Lagarde, you've got a lot of company to lick your wounds with.