KIEV, February 27 (RIA Novosti) - Ukraine's prime minister will make an emergency report to Ukrainian President Viktor Yushchenko at 9:00 a.m. local time [7:00 a.m. GMT] on Wednesday over the repayment of the country's Russian gas debt, Ukrainian ICTV said.

Russian energy giant Gazprom warned on Tuesday that it would reduce natural gas supplies to Ukraine by 25% on March 3 at 7:00 a.m. GMT, if problems, primarily debts, were not settled.

Ukrainian TV said Yulia Tymoshenko's report would concern Russia's ultimatum.

Yushchenko has urged Tymoshenko to pay off the country's gas debt to Russia as soon as possible.

The presidents of Russia and Ukraine agreed on a plan two weeks ago to settle Kiev's $1.5 billion debt for Russian gas supplies, with Yushchenko promising that his country would pay off the debt.

Gazprom has threatened to completely halt supplies to Ukraine if Kiev fails to pay back $1 billion before March 14. An agreement was also reached to establish direct fuel supplies between Russian energy giant Gazprom and Ukraine's national oil and gas company Naftogaz.

Russia also proposed that Gazprom and Naftogaz set up two joint ventures on a parity basis. The two new companies would replace RosUkrEnergo, which holds a monopoly on gas exports, and gas import monopoly UkrGazEnergo.