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An agreement has been signed to continue the transit of Russian gas through Ukraine to Europe following trilateral talks between the three parties.
Under the terms of the deal. Russia is obligated to send 65 billion cubic meters (bcm) of gas through Ukraine in 2020 and 40bcm of gas from 2021 to 2025.
In exchange. Ukraine will receive around $7 billion (£5bn) in transit fees.
Prior to the signing of the settlement agreement. Gazprom paid $2.9 billion (£2bn) to Naftogaz to resolve the terms of a 2018 legal case.
Naftogaz also agreed an irrevocable amicable settlement to cancel all of Ukraine’s ongoing and potential future claims against the company.
EU Vice President Maroš Šefčovič said: Everyone is a winner today. I welcome this well-balanced agreement that is essential for ensuring an uninterrupted transit of Russian gas to Europe via Ukraine.
Security of supply to European households was at the heart of our talks and it was my number one priority. We are sending a powerful message to both consumers and industry. clearly demonstrating that the EU is guaranteeing warm homes. stable markets and competitive prices. This is what a resilient Energy Union is about.
