Russia, Ukraine reach breakthrough deal ending gas war

(part of ongoing backblog posting) :
channelnewsasia.com :

Russia and Ukraine reached a breakthrough agreement that ends a bitter dispute over natural gas pricing and guarantees supplies to Kiev as well as to the lucrative European market. The accord settles a dispute that saw deliveries to Ukraine cut off, a move which had the knock-on effect of reducing supplies to the key European market which relies on Russia for a quarter of its gas needs.

After talks in Moscow, officials from Russian energy giant Gazprom and its Ukrainian counterpart Naftogaz said they had agreed on a five-year deal under which Kiev will buy gas at a rate of 95 dollars (79 euros) per 1,000 cubic metres (about 2.75 dollars per 1,000 cubic feet). Ukraine will have the right to buy gas from the joint venture for its own needs for 95 dollars - nearly double last year's tariff of 50 dollars. The two sides also agreed to raise by 47% the amount Ukraine is paid for the transit of Russian gas to Europe.

Gazprom controls a third of all global natural gas reserves, and the vast majority of deliveries to Europe - where Germany is the biggest importer and France, Poland and Italy also reliant on it - pass through Ukraine.

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