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Russia & Ukraine strike last-minute gas transit deal to avoid stoppage of energy…

by Ace Damon
Russia & Ukraine strike last-minute gas transit deal to avoid stoppage of energy...

Major Russian and Ukrainian state-owned energy companies Gazprom and Naftogaz have reached an innovative agreement to continue the transit of Russian natural gas to European countries using the Ukrainian gas pipeline network.

The agreement signed between the Russian company and Ukraine has restored the balance of interest between the parties, Gazprom CEO Alexey Miller said, noting that the Russian energy giant "made everything possible and proved once again that it is a responsible supplier and a reliable partner. "

The deal will ensure Russian gas flows through pipelines on Ukrainian territory for the next five years, Ukrainian President Volodymyr Zelensky said, adding that Kiev should receive more than $ 7 billion from Moscow under the deal.

After the current contract expires, the parties will have the option to extend the agreement for the next 10 years, Zelensky wrote in a Facebook post on Monday.

Under the agreement, Naftogaz of Ukraine will transmit 65 billion cubic meters of Russian gas in 2020 and 40 billion cubic meters per year in the period 2021-2024, confirmed the Ukrainian leader.

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All legal issues that now exist between the two companies have been resolved, Gazprom confirmed in a statement, noting that the parties also agreed not to initiate any lawsuits regarding the 2009 transit agreement expiring in January.

Both sides signed the documents on Monday after a five-day marathon of talks in Vienna, with the old deal expiring on December 31.

Last week Russia and Ukraine reached an agreement "in principle" to extend the gas contract and have been working on the final documents ever since. Delegations had to determine how Russia's Gazprom will cooperate with the Ukrainian national gas system operator and how blue fuel transit will be organized, and finalize an agreement to waive reciprocal claims.

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