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Ukraine amortizes multi-billion dollar gas debt to Russia

Ukraine amortizes multi-billion dollar gas debt to Russia

29 November 2008 11:02 (UTC +04:00)

Ukraine has undertaken to repay $550 million by December 1.
Naftogaz also promised to pay the debts owed for gas delivered in September and October.
According to Russian gas export monopoly Gazprom, Ukraine owes $2.4 billion in gas arrears.
Gazprom warned it would cut off gas deliveries to Ukraine on January 1 unless a new contract were signed, in a move that would risk a repeat of the interruptions to gas supplies to Europe in 2006.
The Russian firm said negotiations on a new contract for 2009 will be resumed after the debt is paid.
The two sides still appear to be at loggerheads over the price that Ukraine pays for the gas, which is substantially lower than that paid to Moscow by European countries.
Ukraine currently pays $179.5 for 1,000 cubic meters and that figure could rise to $400, Gazprom has said.

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