Gazprom ready to halt Ukraine's gas supplies

Gazprom, the Russian state-owned gas supplier, declared that it is preparing to cut off all gas supplies going to the Ukrainian pipelines as soon as June 3.

Alexey Miller, chief executive to Gazprom, will halt supplies in Ukraine if the country fails to meet a deadline set on June 2 when payment in advance for gas shipment is due.

The cutoff would not only affect Ukraine but also many other EU countries which rely on Russian gas supplies sent via Ukrainian pipelines.

As Ukraine owes Russia's Gazprom over $3.5 billion, it's highly probable that the country will not be able to meet the term, as officials themselves declared, in spite of the fact that Kiev received the first IMF bailout fund.

If Gazprom stands-by its decision to cut gas supplies, the reality of Russia's influence over Europe will be renewed, in spite of the many sanctions the country has received, due to its recent actions like Crimea's annexation. The real effects of the cutoff will hit Europeans in fall, most likely, when temperatures drop.