MOSCOW/KIEV (Reuters) - Russia's Gazprom said on Friday it would terminate its gas contracts with Ukraine after it lost a court case, escalating a dispute which has left Ukraine struggling to stay warm and which the EU said could threaten gas flows to Europe.
A Stockholm arbitration court ordered Gazprom this week to pay more than $2.5 billion to Ukrainian energy firm Naftogaz - a ruling meant to conclude a long legal battle that has run alongside Ukraine's broader political stand-off with Russia.
But after the court decision, Gazprom did not restart gas supplies to Ukraine as expected on Thursday, forcing Kiev to take emergency measures to make up for the shortfall and warn that transit flows to Europe were at risk.
To make up for the lack of supplies from Russia, Kiev has suspended lessons at schools, universities and kindergartens until next week, switched power stations from gas to fuel oil and bought extra gas from Poland.
Source : Yahoo
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