EU welcomes end to Russia, Ukraine oil transit row
(BRUSSELS) - The European Union on Tuesday welcomed an agreement between Russia and Ukraine to end an oil transit price dispute and Moscow's assurances that supplies to Europe would not be hit.
"The European Commission has been informed by the Russian government that there is no longer a risk of disruption of Russian oil supplies to the EU via Ukraine," the EU's executive arm said in a statement.
The statement came after Moscow and Kiev signed a new agreement on Russian oil transits via Ukraine to Europe, according to a spokesman for Ukrainian energy company Naftogaz.
Russia had set off an "early warning mechanism" on concern that Ukraine wanted to raise the price for transiting oil through a pipeline providing oil to EU nations, chiefly the Czech Republic, Hungary and Slovakia.
The mechanism, aimed at avoiding energy crises like the natural gas row between the two that hit European supplies a year ago, warns of possible disruptions and paves the way for consultation and solutions to disputes.
"I am glad to see that the newly agreed early warning mechanism has been used by the Russian side to inform us about a possible supply disruption," EU Energy Commissioner Andris Piebalgs said.
"The mechanism has proven to be a useful communication tool," he said.
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