The European continent could deal with negative and serious consequences if it tries to cut off Russian gas supplies, considering it still has no alternatives capable of meeting its supply needs, Russian President Vladimir Putin said.

"A reasonable substitute for Europe simply does not exist," Putin said Thursday (13) at the opening of a televised address concerning a meeting on current challenges for Russian energy companies.

"There are simply no reserve volumes on the international market, and supplies from other countries, especially the U.S., which can be shipped to Europe, will cost consumers much more," he stressed.

These statements by Putin come at a time when European governments are beginning to debate Putin's demand that buyers of Russian gas begin paying in Rubles, Russia's currency. If these countries do not comply with Moscow's new protocol they risk having their supplies cut off, as Putin warned earlier this month.

The European Commission has said that the switch to the Russian currency would violate sanctions imposed on Moscow following the invasion of Ukraine. Companies have only weeks to decide what to do: the decree applies to April deliveries, and most of those payments end in May.

At Thursday's meeting, Putin said that his government sees "problems with payments for Russian export energy supplies as banks in unfriendly states delay money transfers," without giving further details, but stressing that Russia will gradually stop relying on Western energy buyers on its own.

"We will assume that for the foreseeable future, energy supplies to the West will be shrinking," Putin said. "That is why it is important to solidify the trend of recent years, and redirect our exports step by step to the rapidly growing markets of the South and East."

In his closing remarks, Putin called for expanding Russia's oil and gas export networks and increasing the capacity of the Arctic and Pacific oil ports. He ordered the government to prepare a plan for the construction of the additional infrastructure by June 1.

Some redirection of Russian volumes in the oil market is now happening. Many major buyers are refusing to accept Russian cargoes or have pledged not to accept them once their contracts expire. Still, Russia has managed to send some of the oil flows to Asia, attracting buyers at deep discounts.

Redirecting Russian natural gas flows from Europe to Asia is not possible because the pipeline systems connecting the east and west of the country operate independently. Gazprom PJSC is considering building an interconnector if it signs a third supply contract with China.