Confidential terms of this week’s Ukrainian deal, leaked to the media by Yulia Timoshenko, the former Prime Minister and nationalist leader, reveal that the new gas price of $95 (£54) per 1,000 cubic metres is valid only for six months, exposing Ukraine to the risk of a second round of price increases before the end of the year.

The contract also gives RosUkrEnergo, a Gazpromcontrolled entity, a pivotal role in marketing gas in the Ukraine.

The renewed uncertainty over Ukraine is revealed as energy officials in Sofia accused Gazprom of seeking to treble the cost of gas supplied to Bulgaria.

Rumen Ovcharov, Bulgaria’s Energy Minister, rejected as “unacceptable” Gazprom’s demand that a barter system under which it supplies gas to Bulgaria in lieu of pipeline transit fees be scrapped. Instead, Gazprom wants to pay cash for transit to third countries, including Greece and Turkey, while Bulgaria would pay market rates, effectively raising the gas price from $87 per 1,000 cubic metres to $257.

Moldova’s gas supply remained suspended for the sixth day yesterday as talks continued over a new supply agreement in which Gazprom is seeking a doubling of the price. Meanwhile, Turkey said it might seek international arbitration in a dispute with Gazprom. Botas, the Turkish gas utility, complained that its current price of $273 per 1,000 cubic metres is too high.

Christopher Granville, an equity strategist at UFG, the Moscow brokerage, reckons that Gazprom’s price campaign is part of a commercial strategy to gain control of infrastructure and better margins.

This week’s deal was celebrated as a climbdown by Gazprom from its demand of $230 per 1,000 cubic metres, ending a stand-off with Ukraine that led to disruption to gas supplies to Western Europe. However, Mr Granville reckons that Gazprom has secured two objectives: raising gas prices and more control over the Ukrainian market. “The agreed price of $95 is only for the first half of the year. If Turkmenistan puts up its gas price, it will be passed on by Gazprom,” Mr Granville said.

Most of the gas supplied under the new Ukraine contract will be sourced from Turkmenistan, which is keen to secure a higher price from Gazprom, its sole buyer. The Ukraine contract grants sole import rights to RosUkrEnergo, a secretive Swiss-registered company controlled by Gazprombank and Centragas, an Austrian company owned by unnamed Russian and Ukrainian citizens.

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