Thursday, November 20, 2014

Russian news: Russia-Ukraine Gas Deal Unravelling - Russia Insider

Remember the gas deal that Ukraine and Russia signed on 30 October? It was supposed to end Ukraine’s gas crisis. How much gas has Ukraine actually received from Russia since they signed the deal? Short answer: none.

The problem with the deal is that it doesn’t solve the problem. Ukraine has no money to buy Russian gas. Although Ukraine has paid (as the deal requires) the first $1.4 billion installment to clear its gas debt, it has no money to pay for additional gas. Since the Ukrainians have no money to pay for gas they have no gas. It's as simple as that.

At the time the deal was signed there was talk the EU had given Ukraine a side letter saying they would help Ukraine pay for gas.

It is now clear the EU has provided Ukraine with no extra money to buy gas. The total amount of money Ukraine is getting from the west has not increased since the IMF and the EU agreed to their aid package in the spring. This is not enough to cover Ukraine’s gas bill this winter. As for the side letter, it has not been published and probably doesn’t exist.

So why did Russia and Ukraine sign the deal? The Russians couldn’t very well refuse after the Ukrainians accepted the offer the Russians made them back in June. The bigger question is why Ukraine signed the deal if it has no money to buy gas?

Complete story at - Russian news: Russia-Ukraine Gas Deal Unravelling - Russia Insider

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