Russia Files Lawsuit Against Ukraine
Reports indicate that Russia has filed a lawsuit against Ukraine to collect on its $3 billion debt--not in arbitration, as early signs had indicated, but in the High Court in London. Not much in the way of further details yet, but the fact that the case will be heard in court, rather than under the rules of the London Court of International Arbitration, means the proceedings will be at least somewhat more transparent. As I wrote previously here on Credit Slips, and discuss more extensively here, the case will turn in part on whether the broader political and military conflict between the two governments can be translated into terms recognizable as defenses under contract law, including the defenses of prevention, impracticability, etc. I think Ukraine has plausible--though far from certain--arguments here. Anyway, more to come as the case develops...
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