Ukrainian Prime Minister Mykola Azarov said earlier in the week that Ukraine is seeking to revamp the current gas contract it has with Russia as it is "enslaving" and could possibly lead the country into an economic collapse.

"Cooperation in the gas sphere is to be discussed," Sergei Kupriyanov said.

Russia's Gazprom and Ukraine's Naftogaz signed two 10-year contracts in January 2009, one of which deals with purchase and supply, the other with exchanges and conditions for gas transit via Ukraine to European consumers. That same year Russia allotted a 20% discount to Ukraine from the European price on gas. However, at the beginning of 2010, both parties opted for a market price on gas, which would vary according to the market price of oil.

In April, Russian President Dmitry Medvedev and his Ukrainian counterpart Viktor Yanukovych agreed during their meeting in Kharkov in east Ukraine that Russia would grant Ukraine a 30% discount on the gas price of $330 per 1,000 cu m over the next ten years.