Geopolitical tensions between Russia and Ukraine, U.S. gas exports and European pipelines - just some issues complicating a new gas deal.
Geopolitical tensions between Russia and Ukraine, U.S. gas exports to Europe and controversial pipeline projects - just some issues complicating a new gas deal between Russia and Ukraine.
A 10-year gas transit deal that has kept Europe supplied with Russian gas is about to expire on December 31 and while talks are taking place to strike a new deal betweenand Naftogaz, Russia and Ukraine's respective state-owned oil and gas firms, an agreement has not yet been reached. The relationship between Gazprom and Naftogaz is strained with several high-profile legal disputes over the gas contract, debts and transit tariffs, taking place between the two entities. In fact, Gazprom had said earlier this year that it would not agree a new transit deal with Naftogaz unless legal cases between the parties were resolved.State-owned Naftogaz earns $3 billion a year from the transit fees of Russian gas through its country.
. Furthermore, "Ukraine has agreed that Gazprom can repay its arbitration debt through the supply of gas, easing tensions around repayment," it noted.Aside from the legal tensions between Gazprom and Naftogaz, any potential new deal or extension of the existing agreement comes against a wider backdrop of continuing fraught relations between Russia and Ukraine despite a recent attempt at peace talks.
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