Speaking at the consultative meeting on financial rejuvenation of NJSC "Naftogaz of Ukraine" President Victor Yushchenko said that current gas agreements with Russia threaten Ukraine with loosing ownership of its gas transit system.

According to the President`s press-office, along with faulty governmental budgetary and fiscal policy Victor Yushchenko called the agreements one of the reasons for hard situation at Naftogaz of Ukraine, which may result in bankruptcy of the company.

He repeated that gas agreements with Russia are economically unfounded, asymmetrical in terms of commitments of the parties and do not meet national interests. "These political manipulations will last for years unless we revise the conditions... And the conclusion will be the loss of the transit system by Ukraine. This is the most dangerous thing in these arrangements - Ukraine has in fact lost the prospect of state control over gas transport system", - said Victor Yushchenko.

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President Yushchenko warned that due to Ukraine`s probable inability to consume 33 billion cubic meters of Russian gas as it is required by the contracts, potential penalties may amount to 10.4 billion USD in the first quarter of this year. And Russian side may lay a claim to these penalties at any time, he said.

"Certainly Russian side may make a concession and allow the penalties not to be paid under certain conditions. But just imagine what these conditions will be? Of what nature?", - said the President.

Same situation Viktor Yushchenko said is with the requirement to import 42 billion cubic meters of Russian gas next year. "It`s billions of potential penalties", - he said.