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Russia's Gazprom to terminate gas contracts with Ukraine

Russia's Gazprom to terminate gas contracts with Ukraine

"We have started the procedure of terminating contracts with Ukraine's Naftogaz", Medvedev said. Gazprom, Miller said, was forced to make such a decision to stop Ukraine from solving its problems at Gazprom's expense.

A flare up in Russia and Ukraine's gas dispute is pushing the European Commission to seek talks with both to allay fears it could reduce Russian gas transit flows to the EU, it emerged Friday. "In this situation, the continuation of the contracts' validity is not economically feasible and unprofitable for Gazprom", Miller said, as cited by Tass.

Russian gas giant Gazprom said Friday it had asked a court to terminate its gas supply and transit contracts with Ukraine after being ordered to pay $2.56 billion to Kiev, in a dispute which the European Union said could threaten gas flows to Europe. The decision has violated the balance of interests of the parties under these contracts, the head of Gazprom said.

Gazprom was quoted by TASS as saying in a statement: "Earlier, the same arbiters agreed with Naftogaz's explanations that the decline in the demand for gas and Naftogaz's non-compliance with its gas purchase commitments were caused by a slump in the Ukrainian economy".

The Chief Executive Officer of Naftogaz said that according to meteorological forecasts the low temperatures in the country will continue for a few more days, by March 4, after which the daily gas consumption will return to 160 million cubic meters from the current 200 million cubic meters. Gazprom also demanded payment of the debt for gas delivered to Ukraine between May and June 2014, plus fines.




On Thursday, Gazprom's deputy chairman Alexander Medvedev told journalists the company won't send shipments of natural gas to Ukraine's Naftogaz as of March 1 after the sides failed to reach an agreement.

"At the same time, Gazprom did not supply Naftogaz with 18 million cubic meters of gas, for which the company made a prepayment".

It was reported that it could resume buying gas from the Russian transnational corporation Gazprom in the first quarter of 2018, but this has not yet happened.

Ukraine's state-owned gas pipeline operator Ukrtransgaz, however, said it had to take extra measures to ensure gas transit to its European customers.

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