Xinhua file photos of Russian President Vladimir Putin (R) and Ukrainian President Volodymyr Zelensky

Under the agreement, Russia will ship through the Ukrainian gas transportation system a total volume of 225 billion cubic meters of gas in the next five years.

MOSCOW, Dec. 31 (Xinhua) -- Russia and Ukraine have signed a package of documents extending Russian gas transit to Europe via Ukraine for five years, Russia's gas giant Gazprom said in a statement late Monday.

"After five days of continuous bilateral negotiations in Vienna, final decisions were made and final agreements reached," Gazprom CEO Alexei Miller said in a statement.

"Gazprom has done everything possible and once again confirmed that it is a responsible supplier and a reliable partner," he added.

Under the agreement, Russia will ship through the Ukrainian gas transportation system a total volume of 225 billion cubic meters of gas in the next five years, including 65 billion cubic meters next year and 40 billion cubic meters each year from 2021 to 2024.

Gazprom and Ukraine's state-run energy company Naftogaz have signed a settlement agreement, which recalls all arbitration and legal claims against each other related to previous gas transit contracts and Gazprom agreed to pay 2.9 billion U.S. dollars in compensation to Naftogaz, according to a ruling of the Stockholm Arbitration.

Gazprom and the Ministry of Justice of Ukraine have signed an amicable settlement agreement, which provides for the termination by the Antimonopoly Committee of Ukraine of all current and possible future demands to Gazprom.

"The certainty of future gas transit creates a necessary environment for continuation of the domestic gas market and broader energy reforms, secures gas transmission jobs and future contracts with Ukrainian industrial producers related to the maintenance of the Ukrainian gas transmission system," Naftogaz said in a statement late Monday.

Last week, Ukrainian Energy and Environmental Protection Minister Oleksiy Orzhel said in an article that Ukraine will receive around 15 billion U.S. dollars in revenues over five years of Russian gas transit.

Ukraine is a key transit route for Russian gas to Europe. The current gas transit contract between Naftogaz and Gazprom that expires on Dec. 31, 2019 had threatened to disrupt supplies to Europe.

Russia, Ukraine and the European Commission have held many trilateral consultations to prevent a disruption of Russian gas shipments.

Russian Prime Minister Dmitry Medvedev said on Tuesday that the Russia-Ukraine gas contract for the next five years is a compromise that needed to be found.

"Now all of the matters are settled, mutual claims terminated. The transit of Russian gas through Ukraine will continue on conditions that suit all sides," Medvedev wrote on his Facebook account.

Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky stressed the importance of the package gas transit deal during a telephone conversation on Tuesday.

"The constructive nature of the held talks was noted, as their results create a favorable atmosphere for solving other bilateral problems," the Kremlin said in a statement. ■