The European Union (EU) faces soaring energy prices in the wake of sanctions imposed against Moscow over events in Ukraine, Interfax quoted a Russian foreign ministry official as saying on Saturday, Reuters reported.

Nikolay Kobrinets, Director of the Department for European Cooperation of the Ministry of Foreign Affairs of Russia, said the latter was a reliable supplier of energy, but was ready for a tough confrontation in the sector if necessary. But he did not provide details of what that confrontation might entail.

He said the situation on global energy markets would lead to the EU paying at least three times more for oil, natural gas, and electricity.

“I believe the European Union would not benefit from this—we have more durable supplies and stronger nerves,” Kobrinets told Interfax.