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Russia promises no oil cuts

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Russia promises no oil cuts


Ukrainians and some of their neighbours are breathing a sigh of relief as Russia promises there will be no oil supply cuts over the holiday period.

Russia had warned of possible disruptions of oil shipments to Eastern Europe if the Ukrainian state energy company Naftogaz imposed higher transit tariffs.

The two nations have now agreed on a new oil deal which will be signed within days.

The dispute has spooked Europe, reminding them of the extra freezing winter they faced last year. Many were cut off from gas for 2 weeks due to a payment dispute between Moscow and Kiev.

Russia’s image as a reliable supplier was also undermined in 2007, when Belarus cut off Russian oil flows to Europe, also due to a pricing row.

Russia provides about a quarter of the gas consumed in the EU, 80% of which is piped through Ukraine.

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