VENTURE CAPITAL POST

Russia and Ukraine failed to reach an accord on gas supplies for the coming winter in EU-brokered talks on Tuesday but agreed to meet again in Brussels in a week in the hope of ironing out problems over Kiev's ability to pay.

A tentative agreement between the Ukrainian and Russian presidents has raised hopes of ending a dispute in which Moscow has halted natural gas supplies to Kiev, but several obstacles still have be overcome.

Russia and Ukraine made progress on Friday towards resolving a dispute over gas supplies in time for winter, but European leaders said Moscow still had to do much more to prop up a fragile ceasefire and end fighting in eastern Ukraine.

The European Union is quietly increasing the urgency of a plan to import natural gas from Iran, as relations with Tehran thaw while those with top gas supplier Russia grow chillier.

The Kremlin's prized oil firm Rosneft is cutting staff and production and selling stakes in Siberian fields in the strongest evidence to date that Western sanctions are hurting what was the world's fastest growing oil firm in recent years.

The European Union slapped new economic sanctions on Russia on Friday, but said they could be suspended if Moscow withdraws its troops from Ukraine and observes a ceasefire.

Russia's Energy Minister Alexander Novak said on Monday that Moscow and Kiev have agreed to hold a new round of talks to resolve a gas crisis on Sept. 6.

Joaquin Almunia, the Competition Commissioner of the EU, still has to make a decision on allegations that Google abused its market dominance and the price discrimination claims made of Russia's Gazprom before his term ends, Reuters reported.

Despite investor criticism it received for paying more investment attention on its non-core division, Gazprom announced on Tuesday in a joint statement that it had acquired Profmedia from metals tycoon Vladimir Potanin.

Investors welcomed the news that Gazprom would be divesting itself of the 37% stake it holds in Lithuania's Amber Grid.

Allegations of anti-competitive activity would be investigated on by the European Commission.

Russia's Gazprombank has withdrawn from the Swiss franc Tier 2 Bond deal, source revealed.

Bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies.