×
Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Gazprom Halts Ukraine Transit Payments

Gazprom's decision to halt prepayment of natural gas transit fees to Ukrainian state-owned Naftogaz until at least 2015 creates the potential for modest supply disruptions in Southeast Europe this winter due to low levels of gas in Ukraine's storage facilities, Fitch Ratings said in a statement Tuesday.

Gazprom's prepayments are critical for Naftogaz, which relies on gas transit revenues and support from the Ukrainian government to offset losses on domestic gas sales.

Gazprom said Naftogaz needed to add a further 12 billion cubic meters of gas to its current 7.5 bcm reserves to ensure that Ukraine had enough for the winter and that it would not need to use gas passing through the pipeline to Europe. At current prices to Ukraine, this would cost about $4.8 billion, which Naftogaz cannot afford on its own.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more