European Commission Energy Commissioner Dan Jørgensen warned that Europe must brace for a prolonged shortage of oil and gas supplies alongside continued energy instability, with prices remaining high for a very long time.

"This will be a long crisis, and energy prices will remain very high for a very long time," Jørgensen told the Financial Times, noting that the situation with certain "critical products" will worsen in the coming weeks.

The commissioner noted that just 30 days of conflict had cost the EU €14 billion in oil and gas imports. Since the conflict began, European gas prices have risen around 70 percent and oil around 60 percent.

Brussels is coordinating member states to fill gas storage early before next winter. Rationing of critical products has not yet been introduced, but remains on the table.