Russia's demand to be paid for its gas in roubles has put nations like Germany on high alert
The world's largest chemicals group BASF warned it would have to stop production if natural gas supplies fell to less than half its needs.
Russia is estimated to rake in up to $800m every day from its sales of gas to Europe. Germany gets more than half of its natural gas, half of its coal and roughly a third of its oil from Russia. Mr Habeck added that gas supplies were secure in the short term, and that Germany was keeping an eye on supply flows into the country.
"Nevertheless, we must increase precautionary measures to be prepared for an escalation on the part of Russia," said Mr Habeck."With the declaration of the early warning level, a crisis team has convened." Klaus Mueller, the head of German network regulator Bundesnetzagentur, said in a tweet that the aim of the early warning was to avoid a deterioration of supply and urged consumers and industry to prepare for"all scenarios".
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