Ukraine Refuses to Pay Gazprom $7 Bln Penalty

Ukraine has refused to pay Gazprom a $7 billion fine for 2012 under a "take-or-pay" gas supply contract, President Viktor Yanukovych said on the Dialogue With the Country TV show. Naftogaz Ukraine repeatedly asked Gazprom to cut its annual supply volume to 27 billion cubic meters, and believes that it has fulfilled its contractual obligations. According to Gazprom, Ukraine's contracted gas volume for 2012 was 52 billion cubic meters, and the country must pay for 41.6 billion cubic meters of unused gas.  "We have refused to pay and are now in negotiations," Yanukovych said.

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