CEO of Russia’s energy giant Gazprom, Alexei Miller, has announced that Russia is ready to start supplying Ukraine with its requested gas volume of 3bcm in the third quarter of 2016 at a price rate of $167.57 per 1,000 cm, reported Tass.

Miller argued that there is no need to require any additional agreements to the contract, that was signed between the two countries in 2009, for resuming the gas supplies to Ukraine. He guaranteed that his company will resume supplying the requested volumes of gas to its Ukrainian counterpart, NJSC Naftogaz, as soon as they make the prepayment, according to Ukraine Today.

Earlier in June 2016, Ukraine was likely to reject Russia’s initial natural gas supply offer, that stood at $177 per 1,000 cm, as it believed it to be economically unreasonable. Ukraine Today quoted Miller saying “Currently, the price of gas under our contract is lower than that offered by European trading platforms. Purchases of Russian gas are profitable for Ukraine.”