You're reading: Russia agrees on Ukraine’s 8.5% increase to oil transit tariff

MOSCOW - Russia has agreed to Ukraine's 8.5% increase on the oil transit tariff, the press secretary at Russian pipeline monopoly Transneft, Igor Demin, told Interfax.

Demin said that the tariff rate for the first quarter of 2012 have been approved and been in place effective Jan. 1.

"Ukraine has produced the necessary calculations, which Russia has acknowledged as convincing," he added.