Russian state gas producer OAO Gazprom (GAZP.RS) has agreed to pay Belarus $2.5 billion for a 50% stake in the country's pipeline operator Beltransgaz, taking full ownership of the company, the company said Friday.

The takeover is part of a larger deal unveiled by Russian Prime Minister Vladimir Putin earlier Friday, under which Moscow agreed to cut gas prices to Minsk by more than a half.

In 2006, Gazprom bought half of Beltransgaz--also for $2.5 billion.

The deal limits the risk of another cut-off of Russian gas supplies to Europe . Transit through both Belarus and Ukraine has been affected on several occasions in recent years by pricing disputes.
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