The possibility of Russian gas giant Gazprom stopping natural gas deliveries to Ukraine exists, Andrei Konoplyanik, advisor to the Gazprombank executive board and former deputy general secretary of the Energy Charter, told a news conference on the sidelines of the third Europe-Ukraine forum in Kyiv on Friday.

"To my profound regret, I cannot say that such a threat [a halt to gas supplies to Ukraine] does not exist. Unfortunately, such a threat exists," Konoplyanik said.

There is a possibility that Naftogaz Ukrainy will not have enough funds to pay for these shipments, he said, adding that this payment is to be made on March 7.

Asked whether he believes the current gas price and transit fees are fair, the advisor said that Ukraine is expected to sign an energy treaty with the European Union this year.

"It means that the appropriate energy laws will be applied to Ukraine. It means that different formulas should be used to calculate gas export prices and transit fees," he added.