Ukraine's gas debt to Russia will be almost $2 billion if the country fails to pay for February deliveries in full.
Speaking at a press conference, Russian President Vladimir Putin said that Ukraine's current debt stands between $1.5bn and $1.6bn.
Earlier, Russia's top gas producer Gazprom said it would remove a discount on gas prices for Ukraine starting from April.
More top news
Rio Ferdinand has hit back at Kick It Out's criticism of him by labelling the anti-racism organisation as 'pointless'
When Alison Powell's four-year-old Labrador Missy would not stop sniffing and pawing her, she knew it was more than simple canine affection.
Police have confirmed that six arrests were made as part of their operation for the Arsenal v Galatasaray Champions League match