The chief executive of Shell warned that Europe might have to ration energy this winter.
The comments that Ben Van Beurden made were reported by The Financial Times.
If Putin slows supplies to Europe, the Shell boss predicted that gas prices would go up significantly.
Van Beurden said that Putin was capable of weaponizing energy supplies.
He thinks Europe will face a tough winter. We'll be in a situation where we have to ration.
"Maybe some countries will fare better than others, but I think we will all be facing very significantly escalating pricing, so there will be a lot of pressure on industry and therefore there will be a lot of pressure on the economy"
Shell did not reply immediately.
Russia turned off one of its main pipes to Germany for maintenance.
Many in Europe are worried that the supply may not be turned back on after the work is done.
French citizens were asked to reduce their energy usage by the president.
In a televised interview, he accused Russia of using gas exports as a weapon of war.
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