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Russian metallurgical giant Severstal has stopped deliveries of steel to European customers amid Ukraine-related sanctions, the countrys media reported citing company sources, RT reported.

According to reports, the cessation follows the refusal of European customers to purchase Severstal steel after the EU sanctioned the company's main shareholder, Alexei Mordashov.

Mordashov was included in the EU sanctions list on February 28, along with a number of other Russian businessmen. He said at the time that he did not understand the reasons for targeting him, since he had nothing to do with politics, RT reported.

Severstal declined to comment on the export suspension, but noted it is currently looking at options for reorienting steel exports to countries outside the EU, including in Asia, South America, and the Middle East.

European natural gas prices spiked above $2,200 per 1,000 cubic meters on Wednesday for the first time in market history. The escalating crisis between Russia and Ukraine has raised fears of supply shortages.

The spike in prices follows sanctions placed on Russia by a number of Western states amid Moscow's military operation in Ukraine, RT reported.