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Gazprom losing $120 million daily over Ukraine gas row - paper

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Gazprom is currently losing $120 million a day due to a gas row with Ukraine, a business daily reported on Sunday.
MOSCOW, January 11 (RIA Novosti) - Gazprom is currently losing $120 million a day due to a gas row with Ukraine, a business daily reported on Sunday.

Russia and Ukraine failed to agree on New Year's Eve on how to settle Kiev's gas debts or on a contract for 2009 deliveries. As a result, gas supplies from Russia to European consumers through Ukraine were reduced and then halted as Gazprom accused the ex-Soviet republic of stealing natural gas meant for Europe.

"In the first week of the [gas] war, Gazprom's direct losses were not so great: from January 1 to January 6 they amounted to around $40 million, resulting from Ukraine's unauthorized tapping of gas flows, according to calculations by Mikhail Korchemkin, the director of East European Gas Analysis. However, from January 7, according to him, the gas concern has been losing around $120 million a day," Vedomosti reported.

Gazprom's daily revenues amounted to about $200 million in the first half of 2008, the paper said.

According to the paper, Gazprom officials say that the alleged stealing of transit gas by Ukraine was not an isolated case and the termination of gas supplies was an adequate response to Kiev's actions.

"Ukraine has been left without gas and Russia without transit, while both are quickly losing face as Europe freezes," the paper said.

However, Russia, Ukraine and the EU have now signed a document on setting up an international gas transit monitoring commission, a key condition for the resumption of Russian gas supplies to Europe. The transit of Russian gas to Europe could be resumed within 36 hours.

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