Russia and Ukraine reached a compromise deal on the thorny issue of gas supply. Under the deal, Russia had agreed to allow Ukraine to buy less gas next year and it would now be up to the two countries’ energy companies to put that agreement in writing.

“Gazprom and Naftogaz will agree on new volumes,” Russian PM Putin said
after talks, referring to the two countries’ energy firms after talks.

Putin
also said Moscow agreed with Kiev’s decision to boost the tariffs
Russia pays for the transit of Russian gas to Europe through Ukraine by
60 per cent from next year.

Earlier this year, Russia also agreed
to reduce the volume of gas Kiev must acquire this year without
imposing fines. That agreement however has yet to be put in writing.

Ukraine’s Naftogaz has said it is meant to buy 52 billion cubic metres of Russian gas next year but may only need 27 bcm.

In
January, a row between the two countries resulted in Russian gas being
cut to much of Europe for two weeks amid freezing temperatures.

Source: Commodity Online

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