Middle East Economic Survey

VOL. LII

No 9

2-Mar-2009

CASPIAN

Russia-Ukraine Gas Truce Threatened By Naftogaz Cashflow Crisis

Ukraines national oil and gas company Naftogaz Ukraine announced on 24 February that it is being brought to the brink of bankruptcy by major difficulties in collecting up to $563mn of gas bills owed by municipal consumers. The cashflow problem threatens the Russia-Ukraine truce agreed recently to end the freezing of deliveries of Russian gas to Europe via Ukraine, after a...