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Vladimir Putin today threatened to close his gas pipeline pumping in almost half of Europe's gas if there is a boycott of Russian fossil fuels amid warnings this could push up oil prices over $300 per barrel, giving him even more cash to spend on his brutal Ukraine campaign.

The war in Ukraine has sent markets into a panic because the West is so reliant on Russia for its energy, which brings in at least £100billion-a-year for the Kremlin that can be used to finance its invasion and occupation.

There are growing calls for Britain to ramp up production in the North Sea while Germany is also being urged to open up its historic gas fields. Experts also believe that nations should ramp up nuclear output and consider relying more on coal-fired power stations in the short term, despite Europe's net zero pledges.

Oil prices have spiked to their highest levels since 2008 on Monday after U.S. Secretary of State Antony Blinken said Washington and European allies were considering banning Russian oil imports.

And the wholesale cost of gas surged by 70 per cent - to a record of 800p per therm - meaning that average energy bills could easily hit £4,000 or more this year.

The soaring price of oil could render Western sanctions on Russia ineffective as the booming cost of crude allows the country to rake in billions.