Russia's Antipinsky oil refinery. (Photo: TASS/VNA)

Novak did not say how large Russia's gas reserves were but estimated that European underground facilities were short of around 25 billion cubic metres of gas. He insisted high domestic demand would not stop Russia offering more supplies to Europe if it received such requests.

Russia, whose gas production and exports to the EU are already near record highs, has said it needs to finish filling its own gas storage reserves before increasing supplies to Europe. It plans to complete this by the end of this month.

Electricity prices in EU countries have doubled since the start of this year, as gas prices rise, raising concerns that the escalation could destabilize the bloc’s economy.

10 energy companies in the UK has gone bankrupt since the beginning of August.