Ukraine can defend $3 bln Russian Eurobond case - UK top court

Ukraine can defend a $3 billion Eurobond lawsuit brought by Russia on the basis it was forced to assume the debt in 2013 because of threats of force by Moscow, the United Kingdom's top court ruled on Wednesday. The long-awaited ruling on the lawsuit, which was brought in 2016 and long predates Russia’s 2022 invasion of Ukraine, paves the way for a full trial of Ukraine’s case that it had to accept the money in the face of Russian aggression.

Ukraine can defend a $3 billion Eurobond lawsuit brought by Russia on the basis it was forced to assume the debt in 2013 because of threats of force by Moscow, the United Kingdom's top court ruled on Wednesday.

The long-awaited ruling on the lawsuit, which was brought in 2016 and long predates Russia's 2022 invasion of Ukraine, paves the way for a full trial of Ukraine's case that it had to accept the money in the face of Russian aggression. The case centres on billions of dollars borrowed from Moscow by pro-Russian Ukrainian President Viktor Yanukovich, months before he was toppled in a popular uprising in February 2014 and shortly before Russia's annexation of Crimea from Ukraine.

Ukraine says the debt was procured by duress, including unlawful trade measures to deter the country from signing an association agreement with the European Union and threats to its territory. The UK Supreme Court ruled on Wednesday that Ukraine can defend the lawsuit at trial on the basis that Russia's threats of military force amounted to illegitimate pressure on Ukraine to assume the $3 billion debt.