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This paper discusses payments arrears in the Russian Federation and Ukraine, with emphasis on the gas and electric power sectors. Payments arrears, which were triggered primarily by the dislocations experienced during the transition from a centrally planned to a market economy, have reached significant proportions in these two countries. Governments have aggravated the problem by not honoring their own bills and by condoning payments arrears outside the budget. The paper argues that the solution to the problem lies in the implementation of comprehensive systemic reforms and outlines possible measures.

Exports and Imports --- Infrastructure --- Public Finance --- Industries: Energy --- Energy --- Studies of Particular Policy Episodes --- Corporate Finance and Governance: Government Policy and Regulation --- Energy: Government Policy --- International Lending and Debt Problems --- Alternative Energy Sources --- Energy and the Macroeconomy --- Energy: Demand and Supply --- Prices --- Industry Studies: Transportation and Utilities: General --- International economics --- Environmental management --- Petroleum, oil & gas industries --- Energy industries & utilities --- Macroeconomics --- Arrears --- Renewable energy --- Energy sector --- Energy pricing --- Transportation --- External debt --- Environment --- Economic sectors --- Expenditure --- National accounts --- Debts, External --- Renewable energy sources --- Energy industries --- Expenditures, Public --- Saving and investment --- Russian Federation