Gazprom

Ukraine will temporarily stop buying Russian gas until the price issue is settled, the country's Energy Minister Yuriy Prodan announced Wednesday.

Prodan said that Kiev was not satisfied with the sum it has to pay from April 1 this year, as ITAR-TASS agency quoted him as saying.

The authorities in Belgrade have opposed the practice of Russian Gazprom, owner of a 56% stake in Naftna Industrija Srbije (NIS), pocketing the entire profit of the company.

Aleksandar Vucic, First Deputy Prime Minister of Serbia, noted that the company had reached a profit of EUR 380 largely thanks to Serbian oil, not extraordinary managerial achievements.

Part of the South Stream gas pipeline could pass through Crimea, according to some Russian media reports confirmed by Bulgaria's Deputy Economy Minister.

Business outlet RosInvest has suggested that Gazprom would consider the move once the situation in Ukraine de-escalates.

Ukraine's acting Prime Minister Arseniy Yatsenyuk says his country does not accept the new prices for gas introduced by Russia.

This week, Russian energy giant Gazprom announced a major price hike for delivery of gas to Ukraine, up to USD 485 per 1000 cubic meters from the previous USD 268.

Germany's concern Siemens is to provide the electrical systems and control and measurement apparatus for the offshore section of the South Stream.

Ukraine is ready to accept a loan from Russia in order to pay its debt to Gazprom, the country's Energy and Coal Industry Minister Yuriy Prodan announced.

The event follows the statement of Gazprom's chief Alexei Miller, who insisted that Ukraine should "immediately" deliver on its liabilities to the energy giant worth USD 2.2 B (EUR 1.6 B).

Russia will raise the price of gas for Ukraine to USD 485 per 1000 cubic meters.

The Russian energy company, Gazprom has raised the price it charges Ukraine for gas by 43.6%.

The company's chief executive Alexei Miller said the change was because Kiev has failed to pay its bills.

He said its current debt to Russia stood at just over USD1.7 B.

Ukraine has agreed on a 50% increase of gas prices for domestic consumers.

Hike of gas bills is part of conditionality set by the International Monetary Fund (IMF) if Ukraine is to be granted an aid package.

State energy company Naftogaz reported that price changes will be into force from May 1, with more rises due to be made until 2018.

The future of the South Stream pipeline is unclear and probably it will not be realized soon, said the head of the Italian company Eni, Paolo Scaroni. 

Eni is one of the key shareholders in the project and holds 20% of its shares. Eni is the largest Italian gas company and the main distributor of gas from Russia's Gazprom in Italy.