Fears are mounting that Russia may restrict oil deliveries to Western Europe over the coming days, in response to the threat of European Union sanctions and NATO naval actions in the Black Sea, the Daily Telegraph reported Friday.
Any such move would be a dramatic escalation of the Georgia crisis and play havoc with the oil markets, said the report.
The Daily Telegraph said reports have begun circulating in Moscow that Russian oil companies are under orders from the Kremlin to prepare for a supply cut to Germany and Poland through the Druzhba (Friendship) pipeline. It is believed that executives from lead-producer OAO Lukoil (LKOH.RS)have been put on weekend alert.
"They have been told to be ready to cut off supplies as soon as Monday," claimed a high-level business source, speaking to The Daily Telegraph. Any move would be timed to coincide with an emergency E.U. summit in Brussels, where possible sanctions against Russia are on the agenda.