Commodities, Emerging Markets, Energy, Frontier Markets

Gazprom: Russian Gas Transit To Europe At “Serious” Risk, If Ukraine Doesn’t Pay In Two Days

Ukraine is running on empty.  Photo courtesy of  EPA/Filip Singer.

Ukraine is running on empty. Photo courtesy of EPA/Filip Singer.

Gazprom says that Russia will completely cut off Ukraine from gas supplies within the next two days if Kiev doesn’t pay for deliveries, which will create “serious” transit risks for gas flow to Europe, Gazprom said in a statement on Tuesday, RT and Reuters report.

According to the statement Ukraine has not paid for March gas deliveries and is extracting all it can from the current paid supply, which is seriously risking an early termination of the advance settlement and a supply cutoff, RT reports.

Ukraine has 219 million cubic metres (mcm) of gas remaining that will be used up in two days. With no new payment, Russia would be forced to stop supplies to Ukraine, the statement said, Reuters reports.

“It takes about two days to get payment from Naftogaz deposited to a Gazprom account. That’s why a delivery of to Ukraine of 114 million cubic meters will lead to a complete termination of Russian gas supplies as early as in two days, which creates serious risks for the transit to Europe,” Gazprom’s CEO Alexey Miller told journalists, RT reports.

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