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Report: Gazprom reaches $2.9B gas transit deal with Naftogaz

Russian energy giant PJSC Gazprom negotiated a deal with Ukrainian oil and gas company Naftogaz to settle legal disputes and continue Russian gas supplies to Europe, Bloomberg News reported Dec. 21.

The parties are expected to sign a settlement agreement before Dec. 29. Under the agreement, Gazprom would pay $2.9 billion to Naftogaz which would drop all outstanding claims against the Russian company, the news outlet reported.

The development comes as Russia's current 10-year transit deal with Ukraine was set to expire Jan. 1, 2020. It also follows a recent move by the U.S. Senate to impose sanctions on companies building the $11 billion Nord Stream 2 underwater pipeline project that will transport Russian natural gas to Germany.

The new deal will extend through the end of 2024. Gazprom has a booked pipeline capacity of 65 billion cubic meters for 2020 shipments, according to the report.