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Saturday, February 29, 2020

Ukraine poised to sign gas supply agreement with Russia

Ukraine is poised to sign a gas agreement with Russia based on proposals made by the European Commission during negotiations in Kiev.

The commission proposed a repayment scheme in which Ukraine would pay Russian gas giant Gazprom $1 billion, settling the rest in six payments over the rest of the year, reports.

The commission also recommended that the price be adjusted according to seasonal demand, meaning $300 per 1,000 cubic meters of gas during the summer and $385 during the winter.

Ukraine is continuing to consult with the commission and anticipates that the next meeting on a gas deal will occur later this week, according to

Russian Energy Minister Alexander Novak has said the talks could move forward only after Ukraine repays its outstanding debt for gas.