Putin is not a threat to the EU, according to its economics leader, and it is prepared to respond if Russian gas supplies are cut off.

Key Points

•  According to a senior EU official, the EU is "ready to react" to Russia's most recent move to stop supplying the bloc with gas.
• The Nord Stream 1 pipeline will no longer carry gas from Russia's state-owned energy behemoth Gazprom to Europe.
• It mentioned the requirement for more repairs.

According to a senior EU official speaking to CNBC on Saturday, the European Union is "ready to react" to Russia's plan to stop supplying the group with gas.

The Nord Stream 1 gas pipeline will no longer be able to carry gas to Europe, according to a Friday announcement from Russia's state-owned energy company Gazprom.

After supplies had already been stopped last week for a scheduled "maintenance outage" that was supposed to extend until September 3, the action was taken.

According to Paolo Gentiloni, the EU's economics commissioner, "We anticipate that Russia is abiding by the agreements that they have, but even if the weaponization of energy will continue or intensify in response to our actions, I think that the European Union is ready to react."

At the Ambrosetti Forum in Italy, Gentiloni told CNBC's Steve Sedgwick, "Of course, we have to save energy, we have to share energy, we have [a] high level of storage, and we are not terrified of Putin's policies.

He continued, without specifying precisely what actions this may include, "We requested Putin to honor their commitments but if they don't respect their obligations then we are ready to react."

Inspectors discovered a pipeline oil leak, according to a statement from Gazprom on the Telegram messaging service.

The energy business stated that all gas transit to the Nord Stream gas pipeline has been halted until the equipment's operational problems have been resolved.

The supply halt follows a summer of tense relations between Russia and the EU due to the ongoing conflict in Ukraine. Russia was accused of "weaponizing" gas supplies to its European neighbors in an effort to pressure the EU for the lifting of sanctions. Energy is not a weapon, according to Russia.

The pipeline's efficiency has been regularly cited as a problem by Gazprom, which has already decreased gas flows through the pipeline to about 20% of its maximum capacity.

After the Group of Seven economic powers agreed on a proposal to cap the price of Russian oil in an effort to reduce Moscow's oil income, Gazprom made its decision shortly after.

As the fall and winter months approach, the EU finds itself in a difficult situation if all Russian gas imports are stopped.

The EU has sought to restrict and eventually cease its purchases of Russian gas in the wake of Russia's aggressive invasion of Ukraine. Even while it is rushing to find other suppliers, it is still partly reliant on them.

In an effort to eke out supplies, the bloc has already requested that all of its members voluntarily cut back on their individual gas consumption by 15% in the fall and throughout the winter.