` Russia’s Gazprom Demands $1.66 Billion Prepayment from Ukraine ‘

#AceFinanceNews – MOSCOW – May 13 – Russia’s Gazprom demanded a $1.66 billion pre-payment from Ukraine for June gas deliveries on Tuesday, saying the neighbouring country had only half its requirements in storage to ensure a trouble-free winter.

Gazprom

Citing a preliminary bill, Moscow pressed ahead with its demand that Ukraine pay for June deliveries early next month, heightening a dispute over price that is pushing the two countries closer to another gas war that could cut supplies.

Previous disputes over gas have left Europe, which gets around a third of its gas needs from Russia, with limited supplies at the height of winter, spurring it to look for alternative producers. But so far it has been unable to break its dependence on Moscow.

State-controlled Gazprom said the bill was based on Ukraine taking up a contractual amount of 114 million cubic metres per day, or 3.4 billion cubic metres for the month in total.

“Taking into account non-working days, Naftogaz should pay this bill by June 2 and, starting from June 3, the company will be getting gas… only at the volumes paid for,” spokesman Sergei Kupriyanov said in a statement.

This means that Ukraine needs to pay $1.658 billion for June’s gas deliveries based on a price of $485 per 1,000 cubic meters, he added.

Naftogaz confirmed it had received the bill but declined to comment further.

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