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. Last Updated: 07/27/2016

Ukraine Gas Debts

KIEV -- Ukraine is seeking a restructuring deal with gas giant Gazprom to put off for five years the repayment of its gas debts, worth $1.4 billion, Deputy Prime Minister Yulia Tymoshenko said Thursday.

Tymoshenko said state oil and gas company Naftohaz Ukrayiny would be responsible for paying off Ukraine's debts to Gazprom.

"The repayment of these debts will be guaranteed by the cost of transit services provided by Naftohaz to Gazprom," Tymoshenko said in a reference to Russia export pipelines running across Ukraine.

Ukrainian President Leonid Kuchma said Wednesday that he would hold an informal meeting with President-elect Vladimir Putin on May 3 to discuss the issue of Ukraine's gas debts.