"Let us, the Europeans, ask ourselves the question — if we want to impose sanctions on gas, whether we are really capable of this, we are strong enough, the moment is now right. Obviously, the answers will be negative", Draghi told at his end-of-year press conference.
The European Union should currently maintain dialogue with Russia, the prime minister said, adding that Russian President Vladimir Putin "wants to be in a state of negotiations, in which the development of events is possible, which would not lead to irreversible consequences".
The joint Russian-European Nord Stream 2 gas pipeline was completed earlier this year, however, it still awaits certification by both German and European regulators. Yet, some recent reports have suggested that the project may be halted due to escalating tensions between Russia and Ukraine.
Moscow has repeatedly dismissed claims about "invasion" plans of Ukraine and warned against politicising the Nord Stream 2. Russia also criticised US sanctions against the pipeline, which were aimed at stopping its construction, saying it is an example of "unfair competition".
While the project's approval is still under consideration, Europe is facing an unprecedented spike in gas prices, with gas futures hitting a record high of $2,187 per 1,000 cubic metres.