Ukraine announced plans to spend $1 billion to build up a strategic gas reserve in order to reduce its reliance on fuel imports from Russia. Prime Minister Arseniy Yatsenyuk said on Saturday that the country would borrow the money using government guarantees in order to shift the country to European suppliers of natural gas, according to The Moscow Times. Gas imported from Russia accounted for 58% of Ukraine’s total consumption in 2013, while the country’s state-owned company Navtogaz also generates large revenues from fees it charges to transport Russian gas to Europe. In 2011 Navtogaz received transit fees equivalent to …read more
Source: Business Insider
