The European Commission said in a statement on Tuesday that the sanctions included "a far-reaching ban on new investment across the Russian energy sector".

Azerbaijan is willing to increase its gas supply to Europe via Turkey amid persisting concerns over natural gas supplies after Russia's invasion of Ukraine,

"Russia remains a reliable supplier, a world-class guarantor of energy security. We value this reputation, but are ready for a harsh confrontation in the energy sector, if the need arises,"

As it stands, Russia supplies some on average 1,600TWh of gas per year to Europe which represents 40% of Europe’s needs.

But events in Europe may cause a rethink about natural gas, both as a transition fuel in the United States and a foreign policy tool.

The proposed measures are fully consistent with the EU's European Green Deal and Fit for 55, and pave the way for further emissions reductions in the years to come, the IEA said.

In response to the tougher sanctions, Russian President Vladimir Putin on Feb. 27 ordered nuclear deterrent forces on high alert, further escalating tension.

11 GW of new wind capacity was added in the 27 EU countries in 2021

"The European Council today agrees on further restrictive measures that will impose massive and severe consequences on Russia for its action, in close coordination with our partners and allies," the council said.

The TANAP is the central part of the Southern Gas Corridor, which connects the Shah Deniz gas field in Azerbaijan to Europe through the South Caucasus Pipeline (in Azerbaijan and Georgia) and Trans Adriatic Pipeline (TAP, from Greece to Albania and Italy).