Russia and Ukraine have resumed talks in a bid to strike a reprieve in the pair’s longstanding gas stand-off.
Ukrainian Energy Minister Yuri Prodan will sit down with Russian Energy Minister Alexander Novak in Brussels to resume negotiations today.
Previous attempts by the pair to beat the onslaught of winter skidded to a standstill.
This isn’t the first time the two countries have faced a race against freezing temperatures.
Past disputes in 2006 and 2009 resulted in restricted supplies at the height of Europe’s cold season.
Alexey Grivach, deputy head of the Moscow-based National Energy Security Fund consulting company, said: “A crisis is possible at any moment.”
European Union Energy Commissioner Guenther Oettinger said he believed there was a 50% of the two energy leaders striking a deal today.
Speaking to Germany’s ZDF TV, he said: “Ukraine has a large payment problem, it is practically insolvent.”
The EU is close to approving about $1billion in extra funds for Ukraine in a bid to ease its financial burden.