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Ukraine began importing Russian gas for the first time in almost six months, reducing the temptation to siphon off fuel piped across the country to the rest of Europe during freezing winter months.

Ukraine will receive as much as 43.5 million cubic meters of natural gas a day for the coming month from OAO Gazprom, the Russian state exporter, Maxim Bilyavskiy, a spokesman for pipeline operator UkrTransGaz, said by phone. Thats equal to about a fifth of the current demand in Ukraine, which has relied on supplies from Europe through so-called reverse flows.

Russia halted gas to Ukraine on June 16 over a price and debt dispute as relations soured over its annexation of Crimea and involvement in unrest in its neighbors easternmost regions. The European Union, relying on gas piped through Ukraine for 15 percent of its needs, brokered an interim deal in October to help avoid shortages seen in 2006 and 2009 during the winter.

The interim deal covers Gazprom deliveries through March, with a set price discount and debt-restructuring conditions. Ukraine also agreed to pay for Russian gas up front, handing over $378 million for 1 billion cubic meters last week.

Russia warned Europe in a meeting of energy chiefs on Aug. 29 that the region risked having gas supplies siphoned off in the winter if the payment dispute between the former Soviet allies wasnt resolved, an accusation that Ukraine rejected.

Risks to gas flows through Ukraine are very high, Gazprom Chief Executive Officer Alexey Miller said today on state television after deliveries resumed.

Supplies may be halted again Jan. 1 if Ukraine doesnt pay $1.65 billion of debt by the end of the month under the EU-brokered deal, Russian Energy Minister Alexander Novak said in October.

Ukraine hopes all parties will do everything possible to uphold the agreement, Andriy Kobolyev, CEO of state energy company NAK Naftogaz Ukrainy, said at a summit in London today. Ukraine has been fulfilling all its obligations under the deal. And we must also admit that Gazprom has done the same so far.

Ukraine will probably offtake as much as 5 billion cubic meters of Russian gas until the end of the winter season, Kobolyev said. Thats as much as $1.5 billion revenue for Gazprom aside of fuel already paid for given the price, expected by Ukraine in the first quarter.

Gazprom rose 0.9 percent to 136.28 rubles by 5:22 p.m. in Moscow after three days of decline.

Read more:
Ukraine Resumes Russia Gas Imports, Curbing EU Supply Risk