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, Dec 17, according to Reuters.

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.