Russia has made concessions to Ukraine and is ready to recalculate the price for gas supplied to it in the second quarter of 2014 to $385 per 1,000 cubic meters, Russian President Vladimir Putin said at a press conference in Milan on Friday.

Hence, the gas price would be recalculated with a $100 discount per 1,000 cubic meters, reducing the overall debt for gas owed by Ukraine to $4.5 billion from $5.3 billion.