Russia Shuts Off Gas Supply to Ukraine

Russian energy giant Gazprom has halted its shipment of gas to Ukraine following a lasting dispute over an existing bill as well as a failure to reach a new contract agreement for 2009.

While Ukraine has insisted they had paid the more than $1.5 billion owed for gas supplies Gazprom has said they have not received the money. Gazprom had already said they would not ship gas supplies to Ukraine if they did not reach an agreement on a price for the new year.

Ukraine is a major route for the transportation of Russian gas supplies to the several European Union members and an interruption in the service to Ukraine has left many fearing gas shortages across the continent.

Despite the fears Russia has said supplies to their European customers would not be interrupted.

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