After Russia cut off gas supply from Europe, which amounts to about 40 percent of the European continent's needs, last year supply reached about 155 billion cubic meters.

Moody's credit ratings reported earlier that a complete interruption of Russian gas flows across the strategic Nord Stream line is likely to lead to a severe recession in the eurozone and a further increase in already high inflation.

This comes as the Economist warned European countries against bankruptcy if they do not address the energy crisis, because this year they will be forced to set aside about 1.4 trillion euros to cover gas and electricity bills, 7 times what they were.

Fuel prices in Europe jumped by about 30% after Russia suspended gas pumping through Nord Stream 1 pipelines, and if the situation persists this year, EU spending on gas and electricity could reach 1.4 trillion euros, seven times higher than in recent years, according to the newspaper.

The paper emphasized that "governments must not abandon economic and rational logic"

The use of the most common tactic of setting electricity prices, as France has done, will help curb inflation by reducing the burden on central banks and removing the need to raise the main interest rate, but this solution has enormous disadvantages.

Setting the price did not reduce energy demand, which delayed significant reforms, and it would not be possible to release prices later for political reasons, calling for subscribers to be compensated for the services' bills in cash and the issuance of government loans to enterprises.

According to the article, these measures will require heavy costs, and cost the European treasury 450 billion euros, warning governments against increasing the debt burden through new loans.

The paper concluded that "if countries take wrong actions, it will bankrupt them, and the European electricity industry will become a hit from the past."

Goldman Sachs analysts also predicted that natural gas prices in Europe would jump sharply, approaching record levels set in August.