Russian-Ukrainian Deal Reached (Again)
The natural gas stand-off between Russia and Ukraine appears to finally have reached a resolution on Sunday. Despite previous reports of settlements, this international dispute has continued for days, including a 12 day shut-off of Russian natural gas deliveries for Europe via Ukraine.
The agreement reached on Sunday was between the Russian and Ukrainian prime ministers, Valdimir Putin and Yulia Tymoshenko. This was of geopolitical significance for Russia, which has been trying to marginalize Ukraine’s pro-western president, Viktor Yushchenko, in favor of Tymoshenko, who is seen as more friendly to Russia.
The deal sets the price of Ukrainian natural gas at around 20% of market prices paid by European customers. This will likely result in a price of between $208 and $240 per 1,000 cubic meters.
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