Ukraine-Russia gas negotiations stumble on $700 mln-plus debt
6 June 2008
According to Kommersant-Ukraine, which cited an undisclosed source, yesterday Naftogaz of Ukraine and Gazprom failed to agree on terms of gas supply during 2009-2014, due to a Ukrainian gas debt of USD 780 mln for gas supplied in April-May. A representative of RosUkrEnergo confirmed that Naftogaz owes “over USD 700 mln.” Vladimir Nesterenko: The news fits our concern that the parties’ joint statement published on May 28, saying there was no outstanding debt, looked questionable. We stick to our view that repayment of the gas debt will be one of the factors stimulating demand for greenbacks in the short-term (see our macro report from May 30).
