European Union foreign policy chief Javier Solana hailed on Wednesday the agreement reached between Ukraine and Russia on gas supplies.

"I warmly welcome the agreement reached today between Ukraine and Russia on the terms of gas supplies," he said in a written statement.

Solana said he "particularly" appreciated the efforts that both sides had made to resolve their differences, adding that this agreement should ensure a stable and secure supply of gas, both to Ukraine and the rest of the Continent.

"The relations between Russia and Ukraine and the European Union can only benefit from the deal," he added.

Earlier on Wednesday morning, Russia and Ukraine reached a deal to resume gas shipments to Ukraine under a complex price scheme, ending a stand-off that raised fears of long-term shortages in Europe.

The agreement was announced in Moscow by the heads of OAO Gazprom and Naftogaz, the two countries' state-run natural gas companies.

Under the agreement, Russia's Gazprom will sell gas to a trading company for 230 U.S. dollars per 1,000 cubic meters and Ukraine will buy gas from the company for 95 U.S. dollars.

Source: Xinhua