#AceFinanceNews MOSCOW May 08 Russia will supply natural…

#AceFinanceNews – MOSCOW – May 08 – Russia will supply natural gas to Ukraine on a prepaid basis from June 1, Energy Minister Alexander Novak said on Thursday, May 8.

“May 7 was the last day when Ukraine had to pay for the gas supplied. We have not received any payment from Naftogaz Ukrainy since March of this year. Ukraine’s overall debt for gas has reached 3,508 billion U.S. dollars up to date,” he said.

In accordance with Clauses 5.1.5 and 5.8 of the contract for the supply of gas made by and between Gazprom and Naftogaz of Ukraine in 2009, failure to perform the obligations entails an automatic transition to gas supplies on a prepaid basis from June 1, 2014, Novak said.

On May 16, Gazprom will issue a preliminary bill for the supply of gas in June. Ukraine will have an opportunity to pay this bill by May 31, in which case the amount of gas to be supplied in June under the advance payment will not exceed the volume paid for until May 31.

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