“We are well prepared to resist Russia’s extreme use of the gas weapon,” he told reporters on the sidelines of an economic forum organised by The European House – Ambrosetti.
“We are not afraid of Putin’s decisions, we are asking the Russians to respect contracts, but if they don’t, we are ready to react,” he said.
The Nord Stream pipeline connecting Russia to northern Germany was scheduled to resume service on Saturday following a three-day maintenance break, but Russian gas company Gazprom announced Friday that it would be "totally" shut until a turbine is fixed.
Moscow reacted to the G7 nations' decision to target Russia's energy bonanza by agreeing to cap the price of its oil, which was made public on Friday.
Ursula von der Leyen, the head of the European Commission, said on Friday that it "would be time" to cap the cost of gas supplied from Russia through the pipeline, endorsing a proposal made by Mario Draghi, the prime minister of Italy.
In the European Union, “gas storage is currently at about 80 percent, thanks to the diversification of supplies,” even if the situation varies from one country to another, Gentiloni said.
He said Brussels had “done a lot in recent months” but “today it is possible to do more”.
The aim is to “pursue the strategy of a united Europe that works against the invasion of Ukraine using economic weapons,” he explained.
“We are not participating in the war, we are not participating in the military escalation,” he said.
“We are supporting Ukraine. We have to do it now more effectively.”