Russia and Ukraine Sign Oil Transit Deal, Ends Fears of Supply Cut

Russia and Ukraine have reached a new agreement regarding the transit of oil alleviating fears that Moscow would cut supplies to EU countries that rely on their oil.

Ukraine had been demanding an increase in the transit tariff it charged Russia for piping oil through their country. Moscow initially balked at the demands, claiming Ukraine had changed the terms of a 2004 contract, but eventually agreed to a 30% increase in the transit tariff.

Last January a dispute between the two countries over payment led to Russia cutting supplies to several countries that rely on the oil transported through Ukraine. Russia provides about a quarter of the gas consumed in Europe and roughly 80% of that fuel is transported through pipelines in Ukraine.

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