(VOVworld) – Representatives of Russia, Ukraine, and the EU have finally reached an agreement on supplies of natural gas to Ukraine for the coming winter.

Maros Sefcovic, Vice President of the European Commission, in charge of Energy Union. (Photo: euractiv)

The deal which will begin in early October was made following a 6-hour-long talk brokered by the EU in Brussels on Friday ending months of uncertainty. Under the agreement, Russia will help Ukraine avoid possibilities to be fined if it doesn't buy enough the amount of gas it has signed.

In return, Russia will maintain condition that gas price will be adjusted on each quarter. Russian Energy Minister Aleksander Novak said it will lower the price for Ukraine to 232 USD, via a cut in export duties. 

Russia's Energy Minister Alexander Novak. (AP Photo/Thierry Monasse)

Besides Russia also required the EU to secure Ukraine’s payment of natural gas. Under the new deal, the EU will guarantee Ukraine to get at least 500 million USD from international financial institutions from now until the end of this year.

The money will be transferred to a separate banking account for paying for Russia’s Gazprom.