Wholesale gas prices in Europe hit a record high rising nearly 40% in a single day as huge demand for energy continues.
Later they fell after President Putin indicated that Russia might increase supplies to Europe.
Europe relies heavenly on Russian gas supplies and critics claim Russia is deliberately putting pressure on Europe to use its new gas pipeline, Nord Stream Two.
Huw Edwards presents BBC News at Ten reporting by Steve Rosenberg in St Petersburg.
Please subscribe HERE http://bit.ly/1rbfUog