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Published: Thursday March 27, 2014 MYT 5:30:01 PM
Updated: Thursday March 27, 2014 MYT 5:31:51 PM

Ukraine sees Russian gas price rising 79 percent in April

KIEV (Reuters) - Ukrainian Prime Minister Arseny Yatseniuk said on Thursday the price Ukraine paid for Russian gas supplies would rise 79 percent from April 1 to $480 per 1,000 cubic metres.

Speaking in parliament, Yatseniuk said the expected high price of gas imports from Russia from April was one of the factors pushing the country further towards economic disaster.

"Ukraine is on the edge of economic and financial bankruptcy," Yatseniuk said.

He said inflation in 2014 would be between 12 and 14 percent and unless laws were passed to support the austerity measures proposed by the IMF to stabilise the economy, GDP could fall 10 percent during the year and Ukraine could default.

(Reporting by Pavel Polityuk and Natalia Zinets; Writing by Richard Balmforth; Editing by Alessandra Prentice)

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