Europe fears its dependency on Russian natural gas as US, EU sanctions near

"Every time you use it [gas supplies as a political weapon] you lose your reputation as a reputable supply, and long term this leads countries away from Russia," said Ian Bond.

When Russia cut gas supplies to Ukraine in 2009 it caused economic damage to its own country, coming at a time of global recession.

"In 2009 they hurt themselves economically, and maybe this time they will be more reluctant than in the past," said the European Policy Centre’s Paul.

However, few would bet against Russia making use of one of its main geopolitical tools once again if tensions with the EU continue to increase in relation to events in the Crimea.

"Russia has used this weapon in the past, and it is entirely predictable they will do it again," said Bond of the CER.