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Russian energy giant Gazprom meanwhile warned the government in Kiev that it would cut off gas exports if it did not settle a $1.89bn (£1.13bn) debt. In 2009, Gazprom halted supplies to Ukraine in a move that caused shortages across Europe.

(Source: BBC News)

What does the first and second "it" refer to in this context? I think the first "it" refers to Gazprom and the second refers to Kiev – am I right?

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    In the future, put your question in your question, not it the title of your question. Moreover, it's good practice to (a) put your quotes in a "quote box", by adding a ">" character to the beginning of the line, and (b) provide a link to the article, so that others can read more context, if desired. (Sometimes, it's impossible to figure out the meaning of a sentence unless one can also read the previous sentence or paragraph. Don't make people here go search for the article with a search engine.)
    – J.R. ♦
    Commented Mar 8, 2014 at 10:03
  • Thank you so much to edit. Actually the previous paragraph had nothing to do with this. Here ut is : The head of the team, Valeriy Sushkevych, said they would participate, but warned: "If something major happens, Ukraine will leave the Games immediately".Russian energy giant Gazprom meanwhile warned the government in Kiev that it would cut off gas exports if it did not settle a $1.89bn (£1.13bn) debt. In 2009, Gazprom halted supplies to Ukraine in a move that caused shortages across Europe.
    – hamed
    Commented Mar 8, 2014 at 10:12
  • The previous paragraph may not have had any relevance in this instance, but it's still a good general practice to include the link. Some might want to refer back to the original just to verify that previous text doesn't change the meaning.
    – J.R. ♦
    Commented Mar 8, 2014 at 10:19

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You read it correctly. The first "it" refers to Gazprom, and the second "it" refers to the government in Kiev (Ukraine).

According to the news, Ukraine still owes Gazprom $1.89bn (£1.13bn), and unless this debt was settled, Gazprom would cut off the gas exports to Ukraine.

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