Naftogaz: Transit of Russian gas through Ukraine will continue for as long as possible
Anastasiya Kalatur – Tuesday, 22 March 2022, 04:06
The transit of Russian gas through Ukraine will continue for as long as it is technically possible.
Source: Yuriy Vitrenko, Chairman of the Board of Naftogaz of Ukraine, on Bloomberg, quoted by Interfax-Ukraine
Details: Vitrenko said that he could not disclose the details of his negotiations with the President, Russia, and the European Union, but as Naftogaz CEO he has to ensure uninterrupted transit for as long as it is technically possible.
Currently Ukraine is fully in control of the transit of gas, while Gazprom is using the contracted capacity. Big Russian companies can continue using their Western bank accounts to receive payments for the export of oil and gas. Vitrenko noted that transit payments are made in euros and dollars.
Vitrenko suggested that the funds from the sale of Russian oil and gas be frozen in escrow accounts [a third party account where funds are kept before they are transferred to the ultimate party upon the fulfilment of obligations under the agreement by both parties - Ed.] until Russian troops are withdrawn from Ukraine.
The Russian troops in Ukraine are very cautious around the gas transit infrastructure, although they are not sparing the gas distribution infrastructure, and, according to Vitrenko, "it is clear to us that they do not want to harm their own commercial interests and their trade relations." He further noted that there were attempts by Russia to interfere in the work of three compressor stations in eastern Ukraine, but after receiving a warning about the risks of such actions for gas transit, "Russian forces started acting differently."
