Ukraine may go to court to revise Russian gas debt - minister

Ukraine may go to an arbitration court to revise its U.S. $3.5 billion debt to Russian gas giant Gazprom, Energy Minister Yury Prodan told a news conference on May 8, Prime has reported.

“Now is the pre-arbitration period. The letter that Naftogas Ukrainy has sent to Gazprom provides for the procedure and … our lawyers tell us to revise the debt dated January 1, 2014,” the minister said.

Prodan pointed out that Ukraine cannot buy gas at $485.5 per 1,000 cubic meters and will try to cut the price. Prime Minister Arseny Yatsenyuk said that Ukraine is ready to pay the debt within 10 days after the price is cut to $268.5 per 1,000 cubic meters.

Copyright: Prime, 2014