(MENAFN) Russia's Gazprom posted a dip of its first-quarter net profit of 41 percent after cutting prices of gas deliveries to Ukraine, Gulf News reported.
Ukraine's "doubtful" trade accounts had forced Gazprom to write off USD1.9 billion, Russia's largest gas producer said.
Russia's largest gas producer says Ukraine now owes it USD5.4 billion for supplies, a debt that will hurt profits further into the year.
"It doesn't mean all the write-offs are over. Ukraine's debt is USD5.4 billion, they could write off the whole debt, though it looks unlikely," analysts said.
Moscow earlier had cut off Ukraine's supplies in last June over political crisis, blaming the dispute over pricing and unpaid bills.
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