Russian gas giant Gazprom is warning that European gas prices could spike by a whopping 60 percent this winter from current levels.
The state-owned energy producer estimates that prices could exceed 4 thousand U.S. dollars per 1 thousand cubic meters.
This, it says, comes as a result of falling export and production levels amid continued Western sanctions.
Gas flow from Russia, Europe's top supplier, has been running at reduced levels this year, after one line was shut following Moscow's invasion of Ukraine.
Gas prices have surged as a result, and those eye-watering prices are expected to last as scorching heat drives up power demand in many parts of Europe.