Ukraine will likely turn down Russia’s most recent offer of supplying the country with natural gas at a price of $177 per 1,000 cm in the third quarter of 2016, reported Reuters.
Ukrainian state energy firm Naftogaz explained that it would have agreed to the new supply deal with Russia’s Gazprom if the price was economically reasonable. Business Development Director of Naftogaz, Yuri Vitrenko, was quoted by Tass saying: “Russian Energy Minister [Alexander Novak] says Gazprom will sell us gas in the third quarter at $177 [per 1,000 cm]. It means the price will actually be $182-183 when adjusted by the calorific value. He believes this is below the market price, however we do not think so.”
 
Vitrenko added that the prices for gas in Europe has decreased to less than $173 per 1,000 cm. Therefore, he would purchase all the gas required from the European markets rather than from Gazprom at such fares.
 
Reuters concluded that Ukraine has not bought gas directly from Russia since November 2015, this is the longest period that the two nations had spent without sharing any economic oil and gas relations.