Gazprom was declared insolvent

Turkmenistan reported that the Russian energy company Gazprom does not have the money to pay for natural gas “purchase and sale” contracts.

The government portal of Turkmenistan Oilgas.gov.tm reports that since the beginning of 2015 the Russian company has not paid its debts to the State Concern Turkmengas.

“Due to the global economic crisis, Gazprom has become an insolvent partner,” the statement says.

“The Russian company OJSC Gazprom has become insolvent under its contracts for the purchase and sale of natural gas, due to the ongoing global economic crisis and the economic sanctions imposed by Western countries against Russia,” the portal explained.

As previously reported, Ukraine, after unsuccessful tripartite gas talks with Russia through the mediation of the European Commission, 1 July suspended the import of Russian gas, and also significantly reduced its purchase in the EU.