👀 Ones to watch: The MOST undervalued shares to buy right nowSee Undervalued Shares

Russia says to supply coal, electricity to Ukraine

Published 27/12/2014, 11:59
© Reuters. A man gestures as he stands near wagons loaded with coal at the Zlobino railway station in Russia's Siberian city of Krasnoyarsk

MOSCOW/KIEV (Reuters) - Russia has agreed on a new deal to supply coal and electricity to Ukraine, which is struggling with a lack of raw fuel for power plants due to a separatist conflict in the industrial east, Russian officials said on Saturday.

The move comes a day after Kiev said it would suspend train and bus services to Crimea, effectively creating a transportation blockade to and from the region annexed by Moscow in March this year. Kiev has briefly cut off electricity to Crimea before.

Russia will supply coal and electricity to Kiev without advance payment as a goodwill gesture from President Vladimir Putin, his spokesman Dmitry Peskov told TASS news agency.

"Putin made a decision to start these supplies due to the critical situation with energy supplies and despite a lack of prepayment," Peskov said.

Russia plans to supply 500,000 tonnes of coal to Ukraine per month, Deputy Prime Minister Dmitry Kozak told Rossiya 24 television. It is ready to supply another 500,000 tonnes per month if an additional agreement is reached, he added.

Ukraine's coal reserves stand at 1.5 million tonnes compared with normal winter stocks of 4-5 million tonnes, according to energy ministry data.

The country used to be self-sufficient in electricity, but months of fighting a pro-Russian uprising has disrupted coal supplies to thermal power plants, which had generated around 40 percent of its power.

Last week Ukraine's energy minister, Voldymyr Demchyshyn, said he was holding talks with Russia's energy ministry on coal and power supplies. Earlier attempts to import Russian coal have been hampered by supplies being held up at the border.

Supplies will come at Russian domestic prices, Kozak said, adding that he hoped the move would help ensure reliable energy supplies to Crimea.

He did not say whether the transportation hold-ups at the border had been resolved.

Russia will also supply electricity to Ukraine, Kozak said, without giving supply volumes.

© Reuters. A man gestures as he stands near wagons loaded with coal at the Zlobino railway station in Russia's Siberian city of Krasnoyarsk

Kiev's pro-Western government has accused Russia of orchestrating the rebellion in Ukraine's east, a charge Moscow denies.

(Reporting by Polina Devitt and Alessandra Prentice; Editing by Hugh Lawson)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.