Spokesman of Russian gas giant Gazprom hails progress in Ukraine gas talks

Russia's gas giant Gazprom has hailed progress in talks to resolve the impending Ukrainian gas crisis which threatens not only to cut supply to Ukraine but could also cause disruptions in the gas flow to Europe.

Speaking to reporters on Tuesday, Gazprom spokesman Sergei Kupriyanov said "there's now an understanding of how to move forward." He stressed the importance for Ukraine to clear its $1.4 billion debt for the November and December supply as well as starting to clear the April-May debt.

EU Energy Commissioner Guenther Oettinger said on Monday that Russia and Ukraine have agreed on a proposal that would see a lower gas price for Ukraine complete with a debt repayment schedule.