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. Last Updated: 07/27/2016

Kiev Cuts Gas Subsidie

KIEV () -- The Ukrainian government on Thursday announced big cuts in subsidies on natural gas to domestic industry, aimed at curtailing a budget drain and raising cash to pay for energy imports.

Deputy Economy Minister Viktor Kalnyk said the price of gas for heavy industry would increase to $63 per 1,000 cubic meters from $53. Other enterprises will have to pay $59 per 1,000 cubic meters, compared with a current $30, when the increases take effect on Friday, he told a news conference.