Ukraine may lose international arbitration on gas contract with Russia, says Yanukovych

10:45, 27.11.2013 1 min read

Ukraine has now decided to delay the filing of its lawsuit with an arbitration court contesting the price of Russian gas because it risks losing this lawsuit, Ukrainian President Viktor Yanukovych said.

"Going to arbitration court and losing the case means legalizing this issue forever," Yanukovych said in an interview with television channels, adding that lawyers who have analyzed the situation said Ukraine has a high risk of losing such a lawsuit.

"We have now decided to postpone this issue because the risks are high. We are working," Yanukovych said, reiterating that the parties are looking for solutions to this issue.

At the same time, Yanukovych said Russia would also suffer losses if it lost the Ukrainian market. "Of course, it is unprofitable for Russia to lose such a large market," he said.