Gazprom threatens to stop gas shipments to Ukraine on June 3

|By:, SA News Editor

Gazprom (OGZPY) says it will stop supplying gas to Ukraine on June 3 unless the country starts making payments for fuel supplies, CEO Alexey Miller said at a meeting with Russian PM Medvedev, the latest in a series of threats.

Ukraine's finance minister says the country is ready to pay Russia for its previous deliveries immediately, if Gazprom would keep the gas price for 2014 at the level agreed in late 2013.

When former Ukraine PM Yanukovich was ousted in February, Russia raised the gas price for Ukraine by more than 80%; Ukraine has since run up a bill for Russian gas which Gazprom said has reached $3.5B.

Meanwhile, Russia's deputy energy minister says a long-awaited gas supply deal for China is close to completion.