Ukraine Refuses Russian Gas Price Hike

May 9, 2014 Share Print 0

Ukraine will not pay in advance for Russian gas at Gazprom’s new, higher price, the Ukrainian Energy Minister Yuriy Prodan has said.

Russia made the demand after saying Ukraine had failed to pay the bill for its April natural gas deliveries.

The bill was calculated using the new rate of $485.50 (£286.50; 350 euros) per thousand cubic metres of gas.

Prior to April, the Russian state-owned energy firm charged $268.50 for a thousand cubic metres.

“We cannot pay in advance at the price [of] about $480 per thousand cubic metres,” the Interfax-Ukraine news agency quoted Mr Prodan as saying.

Russia’s energy ministry said Ukraine had missed a deadline to pay debts worth $3.5bn and that all gas sent from June will have to be paid in advance.

via BBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.