It comes as Russian President Vladimir Putin has threatened to cut off gas supplies to Europe today. He has signed an order calling for the measure unless buyers “open rouble accounts in Russian banks”. He added: "Nobody sells us anything for free, and we are not going to do charity either – that is, existing contracts will be stopped.”
The EU is particularly reliant on Moscow for its energy, importing up to around 40 percent of its supplies.
This, according to estimates, still accounts for a daily income for Russia of between €200million and €800million.
Both the UK and the US introduced strict sanctions on Russian oil and gas after the invasion of Ukraine, threatening to collapse their economy.
And many countries in the bloc have called for similar actions, but the likes of Germany have prevented such measures from being taken.Minister of Economics Robert Habeck said: "Russia has made it clear with several statements that they will present a law which will stipulate that oil and gas deliveries will in future have to be paid in rubles and there were several statements from the Russian side that if this does not happen that deliveries will be ceased.
"To be prepared for this situation, this morning I declared the early warning stage according to the gas regulation.
"The early warning stage is the first of three possible stages.
"A crisis committee has been created in the ministry along the lines of the regulation according to which this early warning stage has been declared."
The stand-off comes as Britons brace for a surge in their energy bills, with the price cap to increase by £700 a year today.
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