RIA Novosti cited Mr Andrei Klyuyev Ukrainian Economic Development and Trade Minister as saying that Ukraine hopes to complete talks with Russia on the revision of the current gas contracts in November.

He said that "In our opinion, the talks will be over this month, in November. We'll be aware of the price we'll have to pay for the Russian gas in 2012."

He added that due to the uncertainty about the price for the Russian gas, the government has not yet approved of the amount of subventions to local budgets, which are supposed to cover the difference in gas tariffs for the consumers.

Ukraine is seeking a review of gas deals with Russia claiming the 2009 contract's gas price formula is unfair. Moscow has tied the price for gas to the international spot price for oil which rose strongly after that year due to the instability in the Middle East.

Ukraine receives a 30% discount on Russian gas deliveries compared to European supply prices in exchange for permission for the Russian Black Sea fleet to berth in bases in the Crimea for 25 years after 2017, when the previous base agreement expires.

(Sourced from RIA Novosti)