Gazprom CEO Alexei Miller does not rule out that the price of Russian gas for Ukraine in the first quarter of 2016 may be lower than the price in the fourth quarter of 2015.

"A formula is used to calculate gas prices. And in general we see downward dynamics. Prices of gas have been falling. And we do not rule out that the price in the first quarter may be lower than the price in the fourth quarter. Let me stress again that everything depends on the price of crude oil eventually," he added.