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Gazprom: Ending gas compensation contract with Ukraine will not affect supplies to Europe

Russian state-run exporter OAO Gazprom branded end caps sit on sections of pipeline at the halted construction site for the South Stream gas project in Sajkas, Serbia.
Oliver Bunic | Bloomberg | Getty Images
Russian state-run exporter OAO Gazprom branded end caps sit on sections of pipeline at the halted construction site for the South Stream gas project in Sajkas, Serbia.

Russia's Gazprom on Thursday said the termination of a contract with Ukraine's state-owned gas company Naftogaz, which compensates Kiev if it needs to use its gas to meet additional demand from Europe, would not affect supplies to Europe.

"Termination of this agreement by Gazrpom Export does not affect the reliability of supplies through Ukraine,'' the company said in a statement.

Watch: EU and Gazprom 'have time' to negotiate

By Reuters