Oil and Gas

Russia agrees to cut gas price for Ukraine by about one-third

Russia and Ukraine sign deal

Russia has agreed to cut the price of gas supplies to Ukraine by about one-third to $268.5 per 1,000 cubic meters, Russian President Vladimir Putin said on Tuesday.

Putin said it was a temporary move but did not elaborate. He also said after talks with Ukraine's president that Russia would convert $15 billion worth of its National Welfare Fund—a rainy day fund into Ukrainian securities to help it stave off a financial crisis.

(Read more: Russia takes a page out of the US playbook)

—By Reuters