Russia, Ukraine face off in London court over $3 bln loan dispute

17:40, 03 January 2016
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Russia has formally initiated legal proceedings against Ukraine in London for refusing to repay a $3billion debt the IMF earlier recognized as official, while Ukraine's PM Arseniy Yatsenyuk said Ukraine had prepared itself for court action after the country officially defaulted on the debt on Dec. 20, according to Ukraine Today.

The cash was lent by Moscow to the administration of former president Viktor Yanukovych. The $3 billion loan was the first installment of a $15 billion package agreed with Yanukovych after he pulled out of the Ukraine–European Union Association Agreement – the decision that sparked the EuroMaidan revolution, Ukraine Today reports.

Ukrainian President Petro Poroshenko said Friday that Russia had resorted to "economic warfare" against Ukraine after its military campaign in eastern Ukraine proved unsuccessful.

See’s video section for more of the latest news from Ukraine in video from Ukraine Today, Ukraine’s 24-hour English-language news channel.

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