Speaking to the Bundestag parliament, Scholz said German will continue to look to reduce its dependency on Russian oil and gas but warned "hasty" action could trigger a recession.

«Добыча энергоресурсов идёт в стабильном режиме, а за первые два месяца этого года эти показатели оказались даже выше прошлогодних. Реализация продукции на экспорт идёт штатно», – подчеркнул Александр Новак.

"If oil is sold at a discount, then [consumers] will be happy to buy it. We will earn less, but we will be able to place oil," Novak said.

BGR meanwhile, has represented the Nord Stream 2 gas pipeline between Russia and Germany, and Uranium One, a mining company owned by the Russian state-owned nuclear corporation Rosatom.

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".

Как сообщил вице-премьер, российские компании ТЭК до сих пор не получали письменных обращений от своих иностранных партнёров о выходе из российских проектов.

Turkey relies on Russia for 45% of its natural gas demand, 17% of oil and 40% of its gasoline, Deputy Energy and Natural Resources Minister Alparslan Bayraktar said in remarks on the sidelines of the CERAWeek energy conference.

The German energy group Uniper has decided to sever ties with Russia. Shell will withdraw from Russian hydrocarbons, including crude oil, petroleum products, gas and LNG in a phased manner.

Despite the latest unloading of Russian petroleum products in the US, shipments have recently been in decline. US imports of Russian crude oil have fallen to roughly 13,500 b/d since Jan. 1, down from an average of 199,000 b/d in 2021, according to the latest US data, reflecting declining reliance on Russian crude as the Ukraine crisis escalated.

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

Blocking energy flows and banning Russia from the international financial messaging service SWIFT – two potential responses to Russia's military invasion of Ukraine – remain on the table but were not pursued in the latest sanctions package from the US.

"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.

It added that deliveries on Feb. 24 are set at 83 million cubic meters, a 31.4% increase on Feb. 23.

“Welcome to the new world where Europeans will soon have to pay 2,000 euros ($2,270) per thousand cubic meters!” he tweeted – suggesting prices were set to double.

Halting the certification process means the 55 Bcm/year pipeline -- which was completed in September -- will be unable to begin commercial operations.