The EU is prepared to act if Russia decides to halt the gas supply.

• In 2020, Russia was the source of 43.4% of the EU's natural gas stock, while Norway accounted for 20%.
• Despite the EU's repeated emphasis on diversifying its suppliers, this has not been achieved.
• The European Commission aims to put an end to its dependency on Russia amid the ongoing war in Ukraine on its eastern flank.

Europe's energy chief stated on CNBC Thursday that the European Union is prepared to act if Russia decides to cut off gas supplies to the bloc due to the Ukraine invasion and sanctions.

In 2020, Russia accounted for 43.4% of the EU's natural gas stock, while Norway followed with 20%.

There is concern that Moscow may retaliate against Western sanctions by cutting natural gas supplies to Europe.

Kadri Simson, the EU's commissioner for energy, stated that since Russia occupied Crimea and we imposed sanctions, there was a possibility of retaliation from the Russian side, so yes, the EU is prepared for Russia's retaliation to target the energy sector.

Simson stated that we have backup plans in case of a disruption of natural gas, whether it's partial or complete.

The Dutch front-month gas contract reached a new high of $205 per metric ton on Wednesday, as Europe has faced higher energy prices for several months and Russia's invasion of Ukraine has added more pressure to the sector.

The European Commission has announced its intention to end the EU's dependency on Russia as a supplier, following repeated calls for diversification and the ongoing conflict in Ukraine.

Ursula von der Leyen, the European Commission President, stated earlier this week that we cannot depend heavily on a supplier who explicitly threatens us. As a result, we sought out other global suppliers.