Vladimir Putin has condemned Ukraine’s decision to refuse an extension of the agreement allowing Russian gas to transit to several European countries. Earlier this month, Kyiv announced that the deal,

President Vladimir Putin said on Thursday there was no time left this year to sign a new Ukrainian gas transit deal, and laid the blame firmly on Ukraine for refusing to extend the agreement that brings gas to Slovakia,

Slovak Prime Minister Robert Fico announced on Dec. 27 that his government will evaluate potential reciprocal measures against Ukraine, including halting electricity supplies, if Ukraine stops the transit of Russian gas to Slovakia after January 1.

Slovakia will consider reciprocal measures against Ukraine such as halting back-up electricity supplies after Jan. 1 if Kyiv, as expected, stops the transit of Russian gas to Slovakia, Prime Minister Robert Fico said on Friday.

Prime Minister Robert Fico’s warning comes as the gas transit deal between Russia and Ukraine is set to expire at the end of the year.

Benchmark European natural gas futures jumped as much as 5% in early trading Friday after Russia's President Putin said it would be impossible to reach agreement on any new transit contract for the flow of natural gas through Ukraine to Europe before year’s end.