Russia to cut natural gas supplies to Ukraine

HONG KONG (CNNMoney)

Representatives from Ukraine, Russia and the European Union held meetings over the weekend in an effort to avert the crisis, but no agreement was reached.

Gazprom said Monday that Ukraine's total debt is $4.5 billion. The state-owned gas firm will now only deliver gas that Ukraine has paid for in advance.

"At this moment no payments for old debt or June were paid," said Gazprom spokesman Sergey Kupriyanov. "All charts show zeroes."

In April, Gazprom hiked the price it charges Ukraine by about 80% to $485.50 per thousand cubic meters of gas. By comparison, Gazprom charged European countries an average of $377.50 per thousand cubic meters in 2013.

"Due to the intentional unilateral refusal by Russia to settle this conflict, Ukraine's and the EU's energy security are being undermined," Ukrainian Prime Minister Arseniy Yatsenyuk said Friday.

Related: Europe leans more heavily on Russian gas

The gas dispute between Moscow and Kiev has escalated as relations between the two countries have deteriorated.

Europe and the U.S. have imposed sanctions on Russia for its annexation of Crimea, while analysts have accused Russia of using natural gas supplies as a political tool.

In recent weeks, violence has again flared in eastern Ukraine as government forces clashed with pro-Russian militants.

Related: Russia looks to Asia for trade cushion

Europe relies on Russia for more than 30% of its gas, and half of that is pumped through Ukraine. Any significant disruption in supplies to Ukraine could hurt European companies and households.

-- CNN's Matthew Chance and Radina Gigova contributed reporting.

First Published: June 16, 2014: 3:11 AM ET

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