Russian and Ukrainian state gas companies failed to reach an agreement on gas prices during negotiations as of early Thursday to resume shipment in supplies into Europe after a two day standoff.

We are in negotiations, said Ukraine's Naftogaz chief executive Oleh Dubyna told the European parliament after meeting with Alexei Miller, the chief of Russia's OAO Gazprom, according to Reuters.

I can see just purely economic gaps between Naftogaz and Gazprom, he said.

Naftogaz said Wednesday morning that Gazprom cut off all gas supplies to Europe through Ukraine.

About 80 percent of all of Russia's gas supplies to Europe go through Ukraine. A total of 18 countries had reported experiencing supply disruptions, according to Reuters.

Ukraine admitted Wednesday to using some of the gas supplies to power its pumping system, according to the Associated Press.

Gazprom had previously said it would cut off supplies if Ukraine delayed transport of fuel for European customers.

Russia Energy Ukraine