Russia, Ukraine to stick to current gas deal

Russia and Ukraine will adhere to the current gas contracts until a new agreement is signed, Russia' s gas giant Gazprom said in a statement on Tuesday. The company released the statement after its CEO Alexei Miller' s meeting with Ukrainian Energy Minister Yury Boyko in Moscow. "Until new agreements are reached, the parties will continue to adhere to the existing gas supply and transit contracts," the company said. The company also said it was satisfied with the progress of its gas negotiations with the Ukrainian side, adding that the two sides will soon hold their next meeting. Russia's Gaprom signed long-term gas delivery and transit contracts with Ukraine's Naftogaz in 2009. However, the Ukrainian government has long urged Russia to review the existing gas pricing formula, but the two sides have not reached consensus on the issue so far. Earlier on Tuesday, former Ukrainian Prime Minister Tymoshenko was sentenced seven years of imprisonment by a court for exceeding power in the 2009 gas deal with Russia and squandering public funds.