Russia and Ukraine signed a five-year deal on Wednesday to supply Russian gas to Ukraine on higher prices after talks between the two countries' gas companies.

Under a complex price scheme, Russia's gas giant Gazprom will sell gas to the Rosukrenergo trading company for 230 U.S. dollars per 1,000 cubic meters.

The trading company will mix the Russian gas with gas from Central Asian countries Turkmenistan, Kazakhstan and Uzbekistan and sell the blend to Ukraine for 95 dollars per 1,000 cubic meters on the Russia-Ukraine border.

Speaking at a press conference, Alexei Miller, chairman of Gazprom, said Gazprom and Ukraine's oil and gas company Naftogaz Ukrainy had signed a five-year contract on Russian gas supply to Ukraine.

"The agreements will provide additional security guarantees to gas exports to Europe and serve as a sound foundation for further cooperation between Russia and Ukraine in the gas sector based on market principles," Miller said.

The deal capped a months-long dispute that led Russia to cut off gas supply to Ukraine on Sunday.

The cutoff caused supply shortfalls in other parts of Europe and prompted the European Union to schedule an emergency session for Wednesday to discuss energy security.

Source: Xinhua