Ukraine agreed to clean up corruption in its gas export industry in return for Western investment in a deal with the EU, which sparked a sharp warning from its powerful neighbour, Russia.
Ukraine agreed to clean up corruption in its gas export industry in return for Western investment in a deal with the EU, which sparked a sharp warning from its powerful neighbour, Russia.
ADVERTISEMENT
Moscow warned it would "review" its relations with the European Union if Russia was left sidelined by the discussions here, which followed a damaging winter dispute between Kiev and Moscow that disrupted gas supplies to Europe.
Ukraine's President Viktor Yushchenko told government and industry officials in Brussels yesterday that he would "restore order" and "reject all corruption" in Ukraine, which needs billions of euros to upgrade its aging gas infrastructure.
Ukraine signed an agreement with the European Commission, the World Bank, the European Investment Bank and the Bank for European Reconstruction and Development.
Under the deal, the Ukrainian gas transport company will have to prove its legal independence from outside influence, offering access to its pipeline at transparent prices that respect European norms.
However, Ukraine has no intention of giving up ownership of the hugely strategic asset, through which 80 per cent of the gas Russia sends to the European Union transits.
Putin slammed the agreement as "unprofessional", in comments reported by Russian news agencies after the meeting, and warned Moscow could review ties its with the bloc.
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
