The Ukrainian side might receive exchange rate-related benefits from using Russian rubles in settlements between NJSC "Naftogaz of Ukraine" and OJSC “Gazprom”.

Governor of the National Bank of Ukraine Sergiy Arbuzov made a statement about it during a meeting with Chairman of the Verkhovna Rada Committee for finance, banking, tax and customs policy Vitaliy Khomutynnyk.

In particular, an additional agreement to the gas supply contract signed between NJSC "Naftogaz of Ukraine" and OJSC “Gazprom” does not envisage a fixed proportion of payments made in Russian rubles and US dollars for imported gas. It will be determined taking into account the interests of NJSC "Naftogaz of Ukraine" and a combined approach will be applied to effecting settlements.

“Settlements for imported gas will be made based on economic expediency, taking into account exchange rate fluctuations that occur when a corresponding payment is made and supply in the foreign exchange market of Ukraine. As Russian ruble tends to be a more volatile currency, the Ukrainian side will receive foreign exchange gains if Russian ruble depreciates against the US dollar and hryvnia,” emphasized Sergiy Arbuzov.

“The potential effect for "Naftogaz of Ukraine" can be measured in million hryvnias provided that exchange rate fluctuations are recorded correctly. The Governor of the National Bank of Ukraine pointed out that US dollars and euros are not converted into rubles when making payments for gas as Ukraine has sufficient ruble liquidity, Russia being Ukraine’s main trading partner. “It will prevent us from deplenishing the gold and foreign exchange reserves when making payments for gas,” stated Sergiy Arbuzov.