The European Union (EU) is facing rising energy prices following sanctions imposed on Moscow by Ukraine, a Russian Foreign Ministry official said today, according to Interfax.

Nikolai Kombrinets said that Russia is a reliable supplier of energy, but is also ready for a fierce confrontation in the sector, if necessary.

He did not elaborate on what this controversial statement might mean.

See Also:

India “accidentally” fired a rocket at Pakistan (photo)

He said the situation on world energy markets would lead the EU to pay at least three times as much for oil, gas and electricity.

“I do not think the European Union will benefit from this – we have more resilient to time supplies and stronger nerves”, Kobrinets told Interfax.