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Gazprom Cracks Whip on Ukraine; Risks Billions in Losses
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Russian giant Gazprom will eventually lose more than it gains by raising the gas price to Ukraine by 80 percent, said analysts on Friday, April 4 2014. They predict that Kiev would cut purchases of gas and fail to pay in full, according to a report by Reuters.
Gazprom announced on Thursday, April 3 2014 that the price for Ukraine would rise to $485 per 1,000 cubic meters, the second increase in three days. This is highest price paid for any Gazprom customer. European Union clients pay an average of $370 per 1,000 cubic meters.
Ukranian Prime Minister Arseny Yatseniuk said the increase in price was unnacceptable and warned that he expected Russia to limit supplies.
Analysts estimate Gazprom could lose $2 Billion this year from the price increase.
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