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.

The Prime Minister of Slovakia, Robert Fico, has warned Ukraine about the possibility of cutting off electricity supplies if Kyiv halts the transit of Russian gas. Fico also suggested Slovakia as a venue for peace negotiations in the Ukrainian-Russian conflict.

Russian President Vladimir Putin said on Thursday that Russia is open to a Slovakian proposal to host peace talks with Ukraine to end a conflict he said Russia was determined to bring to a conclusion.

Slovakian Prime Minister Robert Fico said that stopping gas transit through Ukraine to Slovakia could result in a serious conflict.

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.

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.