Ukraine will repay its debt to Russia by Zuzana Moravcova

After a Ukraine's huge unpaid gas bill caused a row with Russia, both countries now reached an agreement. Russian energy monopoly Gazprom had only been a small step before having to cut energy supplies to Ukraine. "I draw your attention to the consequences that would follow," Putin said. "It is terrible to even think that in response to this.... Russia cannot theoretically exclude aiming our offensive missile systems at Ukraine."If Kiev failed to settle its crippling $1.5-billion debt, Gazprom had threatened to cut a part of its gas supplies. The president Vladimir Putin said Gazprom was satisfied with proposals made by the Ukrainian side. "Deliveries of gas to Ukraine will be carried out at full volume," said Gazprom in a statement."We agreed that Ukraine will pay back the debt" accumulated in 2007, said Ukrainian President Viktor Yushchenko, and confirmed that the deal had been reached, adding Ukraine would start repaying its debt on Thursday. The debt "was amassed in November-December of last year because supply contracts had not been signed by the structures involved," he told a news conference in Moscow. Gazprom's key export destination in Central Europe is Hungary, followed by the Slovak Republic, the Czech Republic and Poland.These countries absorb around 72% of Gazprom's exports to Central Europe.Gazprom is looking to expand its presence in Asia, the Pacific, Scandinavia, the US, the UK and Belgium.The key export mains linking gas fields in West Siberia with export destinations in Western Europe traverse Ukraine. Some 90% of Russia's gas exports flow through Ukraine.

by Zuzana Moravcova for PocketNews (http://pocketnews.tv)

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Edited by Katarina Rastocna