Russia's Gazprom issues May 7 ultimatum over Ukraine gas supplies

Gazprom (OGZPY) is ratcheting up the pressure on Ukraine, issuing a May 7 ultimatum to settle $3.5B in unpaid debts or start paying in advance for its gas.

Alexander Medvedev, deputy chief executive, warns that Europe must help Ukraine pay the bill - plus a further $5B needed to refill storage facilities this summer - or face "severe problems” with gas supplies this winter.

By May 7, Ukraine would owe ~$3.5B for gas it has used in recent months, Medvedev says; if the country failed to pay, Gazprom would stop supplying it with gas for domestic use from June.

~30% of European gas comes from Russia, and roughly half of that passes through the Ukraine under transit agreements.

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Comments (2)
  • Kamil Kolacek
    , contributor
    Comments (1109) | Send Message
    Russia using their mob-style tactics here w their little brother Ukraine.
    25 Apr 2014, 05:17 PM Reply Like
  • Puma69
    , contributor
    Comments (160) | Send Message
    Expecting to get paid for what you sold is not necessarily mob style.
    26 Apr 2014, 08:19 AM Reply Like
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