Russia urged oil companies to get ready to cut off any oil supply to the European Union starting Monday, the British daily The Daily Telegraph claims, quoting an important source in the business environment. On Monday the European Union organizes an emergency summit to talk about possible sanctions against Russia after Moscow acknowledged the independence of the two separatist republics Abkhazia and South Ossetia.

Several rumors imply that Moscow officials urged private oil companies to cut off all oil supply to Germany and Poland through the Drujba pipeline. Moreover, it seems that oil giant Lukoil is under alert and ready to do it any time.

If rumors turn out to be true, the energy market could be inflamed at a global level. Until now, Russia cut off all oil supplies to countries which did not preserve their relations with Russia.

At his turn, Putin's spokesperson Dmitri Peskov declared that Russia was and would continue to represent a safe supplier with plenty of resources to sell for the West, AFP quotes.

Lukoil representatives denied the rumors and declared that they have not been informed of any plan against Europe, a spokesperson of the company declared. Moreover, German officials are optimistic that Russia will respect all its contracts on oil supply, Angela Merkel's spokesperson Ulrich Wilhelm declared.