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Ukrainian agreement on Russian gas supplies | Global’s Economic News

Ukrainian agreement on Russian gas supplies

Ukrainian agreement on Russian gas supplies

Ukrainian agreement on Russian gas supplies

Ukrainian agreement on Russian gas supplies

Vice-President of the European Commission said that Moscow and Kiev on Friday reached an agreement on Russian gas supplies to Ukraine during the coming winter.

Vice-President of the European Commission, who acts as a mediator between  the two sides – explained that “all the technical details have been resolved,” despite the fact that officials who signed the agreement confirmed that the text also need a formal procedure before signing it definitively.

Earlier, the Interfax news agency reported that the Russian company “Gazprom” confirmed Russian counterpart Ukrainian “Naftogaz” abandoning its controversial requirement of “pumping gas in exchange for the price.”

The two companies agreed in 2009 on the condition “pumping gas in exchange for the price”, where Ukrainian counterpart Gazprom has committed to pay the price for a certain amount of gas regardless of the actual amount that you got them.

But Russia halted the export of gas to Ukraine last July after the two sides failed to reach agreement on a new power supply.

The financially troubled Ukraine relies heavily on Russian energy supplies, it is also a major crossing point for Russian gas exports to Western Europe.

According to the European Commission, the need to fill Ukraine’s gas reserves warehouses has about 19 billion cubic meters in order to ensure the regularity of energy supply throughout the winter until the end of next March.

The European Union is mediating in the negotiations between the two sides in light of strained relations between the three parties because of the armed conflict in eastern Ukraine.