Ukrainian Prime Minister Arseniy Yatseniuk has said Ukraine insists on keeping the price of $268.5 per 1,000 cubic meters of Russian natural gas, which was valid for the first quarter of 2014, because it is a "market" price and remains profitable for Russian gas giant Gazprom.

Meanwhile, Russia insists on raising the price it charges Ukraine for natural gas to $485 per 1,000 cubic meters starting from April 1.

"Under no circumstances will Ukraine pay Russia $500 for 1,000 cubic meters of natural gas. There will be no discussion about it. It's not a market price -- it's a political price. There is no such price in Europe. If Russia considers Ukraine as its cash cow, then it is deeply mistaken."- Yatsenyuk said.

Premier reaffirmed Kyiv's readiness to file a lawsuit with the Stockholm International Arbitration Court, should the ongoing trilateral negotiations involving the European Union fail.