MOSCOW, Dec. 6 – Russia’s Transneft will pay Ukrtransnafta 106.7 billion rubles for oil transport services through Ukraine for 10 years, at the Central Bank of Russia's euro/ruble rate on the date of the deal, the Russian oil pipeline monopoly said in a statement.

Based on the euro's exchange rate against the ruble on the date of the event, December 5, the contract will be worth EUR1.5 billion.

The contract will be in effect from January 1, 2020 to January 1, 2030, after which it will be extended for one calendar year until one of the parties preliminarily informs the other otherwise. Payment for complete fulfilment of obligations will be made through mutual settlements, Transneft said.