The International Ice Hockey Federation (IIHF) had put a series of new terms to its members over an increased level of compensation for players who quit their clubs to play in the US.
But while all other countries had given the new arrangement the thumbs up, Russian clubs unanimously rejected it, claiming it was not a fair deal.
The new five-year agreement between the NHL and the IIHF would see the US league pay $12.5m each year to a development fund managed by the IIHF – an increase of $3.5m on the previous deal.
The NHL says talks will continue to try and resolve the issue, but the IIHF warn failure to agree a new deal could have far reaching ramifications.
A spokesman for the IIHF told US reporters: “If the agreement doesn't happen we will have a chaotic situation on the transfer market.
“Everything between the IIHF and the NHL in the collective bargaining agreement would be void. There would be no NHL participation at the Olympics, at the world championships or a possible World Cup. There would be no transfer agreement."
