Gazprom imposes advance payment requirement for gas deliveries to Ukraine

Gazprom has switched to requiring advance payment from Naftogaz Ukrainy on deliveries of natural gas in accordance with the contract between them and effective from 1000 local time, the Russian gas giant said.

"The decision was made due to Naftogaz Ukrainy's chronic nonpayment. Its overdue indebtedness for Russian gas totals $4.458 billion: $1.451 billion for November-December 2013 and $3.007 billion for April-May 2014," the statement says.