Russia and Ukraine settle in gas dispute (for now)
As of 4 January 2006, Ukraine has agreed to a natural gas price that is two times the level that it paid last year. Russia has agreed to keep supplying it with fuel at the new price.
Neither side is very happy about the arrangement; Russia wanted the Ukraine to pay a market price that is twice as high as the agreed upon price and Ukraine is now going to have to figure out how to pay Russia about $7 Billion more per year than it did in 2005. The rest of Europe may end up paying higher prices for both gas and oil due to a complex set of contracts that link the prices of both commodities.
You can find a good article about the agreement at Bloomberg.com under the title of Russia, Ukraine Settle Gas Dispute, to Raise Prices (Update2).