Bulgaria has agreed a 40% cut in the price of gas it imports under its long-term contract with Russia, its dominant gas supplier, Prime Minister Boyko Borissov said on Tuesday.

Bulgaria, which relies on Russian imports for more than 80% of its gas needs, is the last of eight east European countries to agree a price cut after Brussels reached an anti-trust agreement with gas giant Gazprom in 2018, according to Reuters.

Borissov told reporters it had been the biggest and will help the Balkan country’s small and open economy. Market analysts said it was good news but long overdue as Bulgaria has been paying almost 50% more for Russian gas compared to its European peers for the past several years.

“This morning Gazprom sent us the signed contract, which has the biggest price cut from all the countries that renegotiated their contracts. We have a 40% decrease,” Borissov said.