Gazprom hikes Ukraine gas bill

The Russian energy company, Gazprom has raised the price it charges Ukraine for gas by more than a third. The company's chief executive Alexei Miller says the change was because Kiev has failed to pay its bills. He said its current debt to Russia stood at just over $1.7bn. Russia had previously offered Kiev a subsidy, but the recent political crisis in Ukraine has led to a deterioration in relations. Mr Miller says the price of Russian gas for Ukraine has gone up to $385.5 per 1,000 cubic metres in the second quarter of 2014 from the previous rate of $268.5, according to BBC.