Some degree of normality may be returning to Russian-European gas relations, with a July uptick in dramatically reduced first-half sales and a financial boost to Ukraine that diminishes — but doesn't fully remove — the likelihood of another cutoff in flows to Europe. Indications that international agencies may lend Kiev up to $1.7 billion on condition it substantially reforms its gas sector came just ahead of the Aug. 7 deadline for payment of Ukraine's July gas bill from Russia. Remaining doubts relate to the fact that only some $300 million from the European Bank for Reconstruction and Development (EBRD) is going directly to state Naftogaz Ukrainy. Latest Naftogaz estimates put the July bill at double that amount (WGI Jun.10,p3).
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