Gazprom and Ukraine’s Naftogaz agree on ruble deals

Dec 05, 2011 12:00 AM

Russia’s gas company Gazprom and Ukraine’s Naftogaz signed a deal enabling the Ukrainian company to pay for Russian gas shipments in Russian rubles.
The agreement was signed by Gazprom’s CEO Alexei Miller and Ukrainian Energy and Coal Minister Yuriy Boyko. They also discussed bilateral cooperation, suggesting that negotiations on Russian gas prices for Ukraine could be completed before the end of the year.

Ukraine has been seeking a review of the 2009 gas deal with Russia since last spring, saying the price formula is unfair.
Russia has tied the gas price to the international spot price for oil, which has been rising strongly recently.

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