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Belgium: 'Russia won't impose take-or-pay on Ukraine, gives $100 discount' - Energy Minister Novak01:21

Belgium: 'Russia won't impose take-or-pay on Ukraine, gives $100 discount' - Energy Minister Novak

Belgium, Brussels
October 30, 2014 at 02:46 GMT +00:00 · Published

Russian Energy Minister Aleksandr Novak said Russia will provide a discount of $100 (€79.28) per 1,000 cubic metres of gas sold to Ukraine from November until March 2015, which he added would keep the price at $378 (€300) per 1,000 cubic metres. Speaking Thursday in Brussels, Novak also stressed that Russia will not enforce a take-or-pay regime on Ukraine this winter. His words came as Ukraine, Russia and the European Union signed an interim deal for Russian natural gas supplies to continue flowing to Ukraine for winter.

Russia and Ukraine signed a deal on gas supply and transit conditions until March 2015 following talks in Brussels. Russia's Energy Minister Aleksandr Novak and Ukrainian Energy Minister Yuri Prodan signed the agreement alongside European Energy Commissioner Guenther Oettinger, who mediated the talks.

Kiev is thought to need around four billion cubic metres of Russian gas to stay warm during the winter, while over 15 percent of Russian gas to Europe transits through Ukraine. Before Ukraine can begin receiving Russian gas again, it must first pay off a $1.45 billion (€1.15 billion) debt in the coming days, and another $1.65 billion (€1.31 billion) in an advance payment by the end of the year, for a total of $3.1 billion (€2.46 billion).

Commenting on the agreement, Oettinger said, "the door for the revival of the gas partnership will be opened."

Belgium: 'Russia won't impose take-or-pay on Ukraine, gives $100 discount' - Energy Minister Novak01:21
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Russian Energy Minister Aleksandr Novak said Russia will provide a discount of $100 (€79.28) per 1,000 cubic metres of gas sold to Ukraine from November until March 2015, which he added would keep the price at $378 (€300) per 1,000 cubic metres. Speaking Thursday in Brussels, Novak also stressed that Russia will not enforce a take-or-pay regime on Ukraine this winter. His words came as Ukraine, Russia and the European Union signed an interim deal for Russian natural gas supplies to continue flowing to Ukraine for winter.

Russia and Ukraine signed a deal on gas supply and transit conditions until March 2015 following talks in Brussels. Russia's Energy Minister Aleksandr Novak and Ukrainian Energy Minister Yuri Prodan signed the agreement alongside European Energy Commissioner Guenther Oettinger, who mediated the talks.

Kiev is thought to need around four billion cubic metres of Russian gas to stay warm during the winter, while over 15 percent of Russian gas to Europe transits through Ukraine. Before Ukraine can begin receiving Russian gas again, it must first pay off a $1.45 billion (€1.15 billion) debt in the coming days, and another $1.65 billion (€1.31 billion) in an advance payment by the end of the year, for a total of $3.1 billion (€2.46 billion).

Commenting on the agreement, Oettinger said, "the door for the revival of the gas partnership will be opened."

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