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. Last Updated: 07/27/2016

Ukraine: Tatar Deal Off




KIEV -- Ukraine's decision to cancel a deal on giving shares in an oil-refining company to Tatarstan in exchange for oil debts will hurt the sides' cooperation, a top official from Tatarstan said Wednesday.


"You cannot unilaterally cancel an earlier decision,'' said Tatarstan's First Deputy Prime Minister Ravil Muratov.


Muratov met Tuesday with his Ukrainian counterpart Yury Yekhanurov to discuss Ukraine's oil debts and the future of the Ukrnafta refining company, which the sides set up in 1994.


Ukraine, which owes Tatarstan $19.8 million for oil supplied in 1994, decided in December to give Tatarstan its package of Ukrnafta shares in order to cover the debt. But earlier this month, it annulled its own decision, saying there was no legal mechanism for giving away state-owned shares to cover debts.


Yekhanurov did not propose an alternative, saying only that Ukraine will be looking at ways to settle the debt.