Ukraine has imposed a moratorium on the $3 billion Russian debt repayment, said the country’s Prime Minister Arseny Yatsenyuk at a cabinet meeting on Friday. The announcement comes ahead of the December 20 deadline for the debt redemption.

“Considering that Russia has refused, despite our efforts, to sign an agreement on restructuring and to accept our proposals, the cabinet is imposing a moratorium on payment of the Russian debt worth $3 billion,” said Yatsenyuk.