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Russia and China are closing in on a mammoth energy deal which could insure that Beijing has the fuel to run its factories and cities and Moscow has a vast new market for its natural gas empire.
Ukraine's president said Friday that his country must honor the contracts that ended a nearly two-week halt in Russian natural gas shipments to Europe earlier this month.
Russian Prime Minister Vladimir Putin's tough tactics seem to have paid off in talks to resume gas shipments through Ukraine to Europe, most importantly by doubling the price Ukraine pays for gas.
Ukrainian President Viktor Yushchenko indicated Friday he would like to revisit a hard-won natural gas deal with Russia later this year because the terms will further undermine his country's battered economy.
The European Union is warily welcoming the latest deal to end the gas dispute between Russia and Ukraine but says the real test is to get natural gas flowing again to Europe.
The Ukrainian prime minister is heading to Moscow to sign a deal aimed at restoring gas supplies to Europe.
The crisis triggered by Russia's natural gas dispute with Ukraine could accelerate the Kremlin's efforts to build alternative pipelines, but any project faces big financial and political hurdles.
Five European countries and Turkey are facing a shutoff of natural gas flowing through pipelines across Russia from Ukraine, while others face shortages. Here are basic facts about Russian gas and Europe:
Bulgaria's energy ministry says Russian gas supplies to Bulgaria, Turkey, Greece and Macedonia have been suspended.
Ukraine signed a deal Monday to allow independent monitors to track natural gas supplies from Russia to Europe, with no conditions, Russia's gas giant Gazprom said.
Russia's state natural gas monopoly OAO Gazprom warned Saturday that a pricing dispute with Ukraine could disrupt gas supplies to Europe.
Russia's gas monopoly Gazprom threatened on Wednesday to more than double the price Ukraine pays for natural gas next year if it fails to pay off a $2.4 billion debt.
Prime Minister Vladimir Putin suggested Wednesday that Russia might call off construction of the Europe-bound Nord Stream natural gas pipeline unless Europe offers more support for the project.
Ukraine's president, facing a threatened cutoff of natural gas by Moscow next week, insisted Wednesday that his country has paid its debt, but Russia's natural gas monopoly wasn't satisfied.
Belarus will pay nearly 20 percent more for Russian gas beginning next year, Russia's state-controlled gas monopoly said Saturday.
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