Resumption of duty on Russian gas to cost Naftogaz $750 mln - Ukrainian Finance Ministry

The budget deficit of Ukraine's national oil and gas company Naftogaz Ukrainy will increase by UAH8.2 billion, or around $750 million at the current exchange rate, to UAH56.254 billion due to Russia resuming its duty on gas for the country, Ukraine's Finance Ministry said on its website.

The budget deficit of Ukraine's national oil and gas company Naftogaz Ukrainy will increase by UAH8.2 billion, or around $750 million at the current exchange rate, to UAH56.254 billion due to Russia resuming its duty on gas for the country, Ukraine's Finance Ministry said on its website.

That duty is $100 per thousand cubic meters.

It was reported earlier on Thursday that Russian Prime Minister Dmitry Medvedev announced the cancellation of the zero export duty rate on gas supplied to Ukraine. The document establishing the zero rate was adopted by the Russian government in the context of the 'Kharkyv agreements' with Ukraine of April 30, 2010.

Now that the duty will be back in force, gas will start costing Ukraine $485.50 per thousand cubic meters beginning this month.

The official exchange rate for April 3: UAH11.2416/$1.

Medvedev cancels zero gas duty for Ukraine>>>

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