EUROPE BOUND RUSSIAN GAS TO HIT $230

The European Commission has committed to financing  Ukraine's natural gas purchases from Russia for it's current consumption in the coming winter months, Russian Energy Minister Alexander Novak said on Friday.Ukraine needs to store gas and purchase current volumes for it's domestic needs to get past the winter period.
  This is strategic to ensuring the safe passage of Russian gas to Europe, the Russian energy minister said after initialing a winter package gas delivery protocol. Gazprom Chief, Alexei Miller said that he does not rule out the emergence of possible problems with gas transit to Europe during the winter season, as Ukraine is set to buy only two million cubic meter of gas under initialled protocol that would be insufficient in case of a cold winter. He said ukraine has got the money $500 million and will begin to receive Russian gas.

Meanwhile, Novak said that possible new sanctions by Kiev will not have any impact on the commercial gas contract between Gazprom and Ukraine's Naftogaz.

"I think, there is a small chance that commercial organizations will introduce any changes [to the contract]. This is a delicate issue," Novak said.

The price of Russian gas for Ukraine in the fourth quarter of 2015 will be around $230, given a discount, Novak added.