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. Last Updated: 07/27/2016

Yushchenko Guarantees Energy Transit

Itar-TassFrom left, the leaders of Azerbaijan, Ukraine, Poland and Lithuania attending a conference in Vilnius on Thursday.
Ukrainian President Viktor Yushchenko assured Europe on Thursday that his government would meet its obligations to ensure Russian oil and gas exports flow across its soil on schedule and in full.

Yushchenko gave the assurance days after Kiev resolved a dispute with Gazprom over the payment of debts worth $1.2 billion.

Gazprom had threatened to reduce supplies to Ukraine in a move many analysts saw as putting pressure on the country, as election votes were being counted, to form a government willing to work with Moscow.

The threat caused unease that Russian gas supplies to Europe might also be disrupted.

"Our government guarantees the timely and total fulfillment of all our obligations to transport oil and gas through our own territory," Yushchenko told a regional energy conference in the Lithuanian capital, Vilnius.

Russia and Ukraine are yet to agree on gas import prices for 2008, which are expected to rise from the current $130 per 1,000 cubic meters.

Lithuanian President Valdas Adamkus said at the conference that the European Union needed to adopt a united policy toward Russia on energy issues because the supplier of one-quarter of the region's gas is "unpredictable."

"The European Union must develop a common approach to the issues at hand and speak in one voice," to deal with issues including "increased dependence on a single, unpredictable source of imports," Adamkus told the conference.

Reuters, Bloomberg