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31 Jul, 2009 23:46

EU agrees to pay for Ukraine’s gas

The European Commission and international financial organizations approved recent gas reforms in Ukraine and has promised up to US $1.7 billion to pay for Russian gas.

However, the exact sum has not yet been determined. This money will be allocated separately from the stabilization credit granted to Ukraine by the International Monetary Fund.

The EU-Ukraine agreement to reform the Ukrainian gas transportation system allows further financial assistance to Kiev, said European Commission president Jose Manuel Barroso.

He voiced the EU’s desire to ensure the stable transporting of Russian fuel to European consumers via Ukraine. It is expected that the agreement will significantly reduce the probability of a new gas crisis between Ukraine and Russia.

Jose Manuel Barroso expressed hope that Ukrainian Prime Minister Yulia Timoshenko’s obligations to rebuild the gas transportation system will increase transparency of European gas supplies and the survivability of the entire Ukrainian gas sector for the long-term.