Russia is not planning to supply Ukraine with gas on credit, Russian President Vladimir Putin said.

"Russia will not supply anything on credit anymore," Putin said at a press conference in Milan on Friday.

"First, we need some consumer discipline. After all, the collection level, say, in Ukraine is very low, it's much lower than in Russia, and the price is quite low, too," Putin said.

"Second, look, as I've said already, we issued a $3 billion loan at the end of last year. Our partners owe us $1.4 billion for the last two months of last year. This is an undisputable figure. Nobody is arguing about the last year's supplies, but nobody wants to pay," he said.

"As much as $500 million was not paid for the first quarter of this year, when we sold gas at what can be called a discounted price, for $268 per 1,000 cubic meters. And they still failed to pay $500 million. Nothing was paid at all for April, May, and June – zero. Just stopped any payments. According to our calculations on the whole, this is at least $5.5 billion, if you presume that Ukraine was supposed to pay $485 in April, May, and June," Putin added.