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China sues Ukraine for $3bn over grain

27 February 2014, 13:21

Cape Town – China has lodged a case against Ukraine at the London Court of International Arbitration in which it alleges a breach of a loans-for-grain contract.

The South China Morning Post reports that China is seeking compensation of $3bn after the State Food and Grain Corporation of Ukraine used part of the loan to instead supply crops to other countries including Syria opposition groups, Kenya, Iran, and Ethiopia.

According to the report Chinese importers has thus far only received 180 000 tons of Ukrainian grain, the equivalent of $153m.

AFP reports that Ukraine is heading for a catastrophic default prompting calls from new western-backed leaders for $35bn in aid.

Russia has since freezed a massive bailout package after the ousting of Ukraine president Viktor Yanukovych, who is considered to have been more closely aligned to the Kremlin.

- News24


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