China takes action against Ukraine in a trade dispute

Monday, March 3, 2014

Hungarian News Agency MTI has learned that China formally commencing an international arbitration action against Ukraine in a $ 3 billion compensation case.

In 2012, China entrusted an Ukrainian national food and cereal company to buy grain for $ 3 billion for the Asian country.

The first half of this amount, $ 1.5 billion was transferred to the Ukrainian company at the beginning of last year. In the contract the Ukrainian company agreed to purchase Chinese products for the rest of the loan.

China so far has received only $ 153 million worth of goods. Meanwhile, the Ukrainian company used the loan to export crops to Ethiopia, Monaco, Saudi Arabia, Iran, Kenya, Philippines, Switzerland and Egypt.

(MTI –


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