Russian state gas firm OAO Gazprom (GAZP.RS) said Monday it expects to sign a contract with neighboring Belarus on gas supplies and gas transit in December, before the existing contract expires--a move that could limit the risk of another halt in Russian gas supplies to Europe.

Russia and Belarus have so far failed to renew a gas contract, due to disagreements over how much Gazprom should pay for a stake in Belarussian state-owned gas pipeline company Beltransgaz.

Gazprom bought a 50% stake in Beltransgaz in 2006 for $2.5 billion. Belarus has agreed to sell the remaining 50% stake to the Russian company, but the price depends on a new gas contract.

Gazprom Chief Executive Alexei Miller met Belarussian Deputy Prime Minister Vladimir Semashko in Moscow Monday to discuss the deal, and agreed a new gas contract could be signed in December.

Russian Prime Minister Vladimir Putin last month offered Belarus a discounted gas price in connection with its participation in the Customs Union, a trade group comprising Russia , Kazakhstan and Belarus .

Russian gas supplies to Europe through Belarus were briefly cut off last summer due to a pricing dispute.
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