EU fails to broker Russia, Ukraine gas truce


The EU has failed to broker a truce to resolve the natural gas dispute between Russia and Ukraine during talks in Moscow today, though the Russian energy minister promises to maintain gas supply to Europe for the winter.

Russia repeated previous offer to sell gas to Ukraine at a discount of $100 per 1,000 cubic meters of gas, but Ukraine must pay at least $1.45B of its debt to Russian gas monopoly Gazprom (OTCPK:OGZPY) before any talks on the restructuring of the rest of $5.3B debt can start.

If Ukraine cuts off Russian gas transit, it would hit Europe, which sources ~30% of its natural gas from Russia.

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