Image courtesy of Gazprom.

Deliveries of Russian gas to Ukraine resumed Tuesday after a six month suspension stemming from a debt dispute.

Russia’s Gazprom delivered 43.5 million cubic meters of gas to Ukraine’s Naftogaz after the Ukrainian company agreed to pay $378 million for 1 billion cubic meters of gas.

Deliveries were initially scheduled to start on December 11 but Naftogaz requested delivery be moved up.

Russian gas exports to Ukraine stopped in June after Naftogaz failed to pay off a $4.6 billion debt owed to Gazprom.

After months of tense talks the countries inked a deal in late October that resolved the dispute.

The deal, negotiated by EU officials, calls for Ukraine to pay off its debt in two tranches.

Gazprom confirmed that it received its first $1.45 billion payment in November to cover gas supplies delivered to Ukraine during November and December 2013.

Ukraine has not announced when it will pay off the remaining $3.15 billion.

The deal also requires Ukraine to pay $1.5 billion upfront for about 4 billion cubic meters of gas to be delivered throughout the winter until March 2015.


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