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. Last Updated: 07/27/2016

Hryvnia Fall Hurts Ukraine Gas Debt

KIEV -- A fall in the value of the hryvnia currency has cost Ukraine an additional $83 million in meeting the cost of gas shipments and disrupted attempts to pay arrears, the state oil and gas company Naftogaz said Wednesday.

Naftogaz is holding talks in Moscow on resolving outstanding debts of about $2 billion. It promised to pay $550 million in back payments by Dec. 1 but managed only $268.7 million.

Gazprom has said the price will leap to about $400 per 1,000 cubic meters from $179.50 if the debt is not paid.

A Naftogaz statement said payment was complicated by a drop in the value of the hryvnia from less than 5 to the dollar earlier this year to its current official rate of 7.24.

"As a result of the decline in the hryvnia's rate in October to November, the company has sustained unexpected losses of about 600 million hryvnias ($83 million)," the statement said.