Russia’s state-owned natural gas firm looks set to produce less gas this year than it ever has in its history, in no small part thanks to the decision to cut off supplies to Ukraine.

Following a long-running price dispute, Russia shut off gas flows to Ukraine in June. Now, Gazprom is reporting a 41 percent loss in first quarter earnings.

The EU brokered talks between Russia and Ukraine on Friday, in an attempt to get gas flowing once again ahead of winter, when gas demand will spike. Neither side seemed willing to budge on key issues, and supply disruptions are looking more and more likely.

Putin reportedly ordered the Russian government to consider ending Gazprom’s monopoly on gas exports, but a Kremlin economic adviser says the state-owned firm’s grasp on markets abroad is “unshakeable.”

NATO’s secretary general has accused Moscow of fomenting an anti-fracking misinformation campaign in Europe as a way to keep its customers reliant on Russian gas.

On the heels of this weekend’s energizing elections, Ukraine’s Prime Minister accused Moscow of stealing gas from storage facilities in recently annexed Crimea. Is this a sign of strength or weakness?

Gazprom CEO Alexei Miller said Friday that Russia’s new gas deal with its eastern neighbor China will affect gas prices in Europe. The point may be obvious, but it bears repeating: Putin just shored up his position vis-a-vis the West with this $400 billion contract.

Putin says he wants Brussels to shore up Kiev’s shaky economy, but what he really wants is for Europe to pay Ukraine’s massive gas bills.

Poland’s Prime Minister is proposing a European energy union to help counterbalance Russia’s natural gas advantage.