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You're reading: Ukraine, Russia look to avert New Year gas row
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Both countries have pledged to ensure steady gas flows to the Europe Union, which relies on Russia for one quarter of its gas supplies, despite differences over pricing and the ownership of Ukraine’s strategic gas pipeline system.

Kiev and Moscow have been locked in difficult gas talks for the past year as Ukraine, whose fragile economy is suffering from a budget deficit, seeks a cut in the cost of Russian gas, which is set to rise to $416 per thousand cubic metres (tcm) in the first quarter of 2012 to match what the EU is paying.

The price is currently around $400 per thousand cubic metres. Ukrainian President Viktor Yanukovich said last week he considered $250 per tcm the highest acceptable price.

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