#AceFinanceNews – UKRAINE (Kiev) – October 2 – Ukraine will compensate almost fully for its financial losses on Russian market thanks to growing trade with Europe, acting Ukrainian Minister of Economic Development and Trade Anatoly Maksyuta told reporters on Thursday Tass reported.
“I will open a secret which has not been made public yet. Our analysts have conducted a survey and have found that as for monetary flows we will make up seriously for losses on Russian market thanks to achievements on that in Europe. Almost fully,” he said.
Trade structure that Kiev had with Russia and the structure Kiev currently has with the European Union are different, Maksyuta added.
“I do not say that we started exporting to Europe the things we used to export to Russia,” he said. Maksyuta said that Ukraine used to deliver ultimate products to Russia, but now several companies have increased their export of component parts for car manufacturers in the EU.
#AceFinanceNews – BERLIN – September 26 – Russia wants to resolve the gas pricing dispute with Ukraine and has made a number of constructive proposals to tackle the problem which have been rejected in Kiev, Energy Minister Alexander Novak said in newspaper comments on Friday.
Asked whether there were chances for a compromise, Novak told Germany’s largest business and finance daily, Handelsblatt: “We are interested in it anyway.”
The minister said the parties already had eight rounds of talks on the dispute and Russia made some constructive proposals for pricing and the settlement of Ukraine’s debts.
“But Ukraine rejected them all,” Novak was quoted as saying.
Russia-Ukraine-EU gas talks
Russia, Ukraine and the European Union are scheduled to hold a trilateral gas meeting in Berlin on September 26.
Taking part in the consultations will be the EU outgoing energy commissioner Guenther Oettinger, Russian Energy Minister Alexander Novak and Ukrainian Energy Minister Yuri Prodan.
The focus will be made on Russian gas supplies to Ukraine and issues of energy security, a spokesman for the EU commission representation in Berlin told ITAR-TASS.
The key task of the talks is to ensure uninterrupted gas supplies both to Ukraine and the European Union in the coming winter
#AceFinanceNews – BERLIN – May 28 – Ukraine’s government-appointed Prime Minister Arseniy Yatsenyuk has confirmed that Ukraine is ready to sue Russia at the Stockholm Chamber of Commerce Arbitration Institute over its dispute over gas prices.
“We are not going to pay 500 USD per thousand cubic meters of gas,” Yatsenyuk told an energy security conference in Stockholm.
“No one has the right to use gas as a political weapon. At the same time, Kiev admits there is an outstanding debt,” Yatsenyuk said.
Gazprom’s Chief Alexei Miller said that Ukraine’s outstanding debt for Russia might reach 5.2 billion dollars by June 7.
#AceFinanceNews – MOSCOW – May 13 – The Central Bank of Russia has ordered six Ukrainian banks to stop operations in Crimea and Sevastopol starting from May 13, the regulator said in a statement.
In passing the decision, the CBR referred to Article 7 of the federal law dated April 2, 2014, on specifics of the functioning of Crimea’s and Sevastopol’s financial system during the transitional period.
Among the banks are Kiev-based Terra Bank, Odessa-based Finrostbank, Kiev-based Bank “Finance and Credit”, Kiev’s Commercial Bank “Financial Initiative”, Dnipropetrovsk-based Accent-Bank and Kiev’s Avant-Bank.
According to the CBR statement, the banks have failed to fulfil their obligations.
Therefore, they were closed in compliance with the Russian legislation.
The decision was dictated by the task to protect the interests of depositors and clients, whose legitimate interests were violated as the above banks stopped operation in Crimea and Sevastopol with no prospects for resuming work.
There was no other opportunity to ensure effective protection of rights of the depositors and clients of these banks, except by stopping their operation, the CBR said.
- CNN poll: Ukraine favors Europe not Russia(edition.cnn.com)
- Crimea struggles to adapt to life as part of Russia(theguardian.com)
#AceFinanceNews – KIEV – May 08 – Ukraine is continuing to import gas from Poland and Hungary using a reverse-flow supply scheme, the press service of the Ministry of Energy and Coal Industry said on Thursday, May 8.
“Starting from May, Ukraine has been receiving up to 14 million cubic metres of natural gas from Hungary daily in reverse-flow mode,” the ministry said.
“Technically, the maximum amount of 4 million cubic metres of gas can be supplied through Poland daily for the time being, or about 1.5 billion cubic meters a year,” it said.
According to Ukrainian Energy and Coal Industry Minister Yuri Prodan, reverse-flow supplies can reach 8 billion cubic metres by September 1, 2014, not by 2015. Gas will be supplied by the Vojany-Uzhgorod pipeline, not the transit pipeline.
EU Energy Commissioner Guenther Oettinger said such supplies would not require the Russian company’s agreement and would give Ukraine up to 10 billion cubic metres of a gas a year but stressed that reverse-flow gas supplies from Slovakia to Ukraine by the trunk pipeline would be impossible without Gazprom’s consent as it would run counter to the Slovak company Eustream’s contractual obligations.
Oettinger believes that diversification of supplies will help to solve Ukraine’s gas problem in part. However reverse-flow supplies from Poland and Hungary by the Vojany-Uzhgorod pipeline will not be enough for Ukraine get through the coming winter comfortably.
Kiev is planning to buy about 290 million cubic metres of gas in Europe in reverse mode (about 140 million cubic metres will be delivered through Poland and the rest through Hungary).
Russian News – Press – Itar-Tass
#AceFinanceNews- KIEV – April 28 – Ukraine is ready to pay the price of 268 US dollars per 1,000 cubic metres of Russian gas, parliament-appointed Prime Minister Arseniy Yatsenyuk said on Monday, April 28.
This is 45% below the established price of gas.
If Moscow disagrees, Kiev will be prepared to contest its debt in court, he said.
Yatsenyuk told reporters that a “note” had been sent to Russia’s Gazprom, which “states the price”.
If Gazprom accepts the proposed terms, Ukraine will pay the gas debt of 2.2 billion US dollars immediately.
If no solution is found within 30 days, the dispute will be taken to court.
#AceFinanceNews – KIEV – April 22 – The USA will provide aid to Ukraine worth $50 million for carrying out political and economic reforms. This assistance is aimed at strengthening partnership between the US and Ukraine, says the White House’s statement published on Tuesday.
Of the mentioned sum, $11.4 million are designated for holding presidential elections in Ukraine that are scheduled for May 25. These funds are intended to support democratic processes, and not to aid any specific candidate, the White House stated.
In addition, the USA will provide $8 million to aid Ukraine’s armed forces, but this assistance does not envisage arms shipments. These funds are meant to be used for buying communication systems, engineering equipment and transport facilities.
The White House published this statement along with the visit of US Vice President Joseph Biden to Ukraine. Biden is holding negotiations with the Ukrainian leadership in Kiev.
#AceFinanceNews – MOSCOW – April 19 – If Kiev does not settle its gas debts with Moscow within a month, Gazprom will be forced to switch to a system of advance payments, President Putin has said, adding that the measure has nothing to do with May’s upcoming presidential election in Ukraine, RIA Novosti reports.
“Moscow is willing to tolerate” the continuing absence of payments for another month, Putin said during a live Q&A session on Thursday, adding that this is stipulated in the existing contracts.
“We don’t mix economics with the political process in Ukraine,” the President continued. “We were simply awaiting the receipt on April 7 of the money owed for the March for gas in March… this was $525 million. Not a cent… by the way, it was being transported at the lowest price, with all possible discounts.”