Realizing that Europe's conditions will plummet sans Russian energy, German Chancellor Olaf Scholz said on Monday that energy supplies from Russia were exempt from the sanctions since there are no other ways to ensure energy security in Europe for the time being. 

"All our steps are designed in such a way as to hit Russia hard and be sustainable in the long term. Europe deliberately removed energy supplies from Russia from sanctions. At present, there is no other way to ensure Europe's energy supply for heat production, transport, electricity supply and industry. Therefore, it is essential for services of common interest and the daily lives of our citizens," Scholz said in a statement.

Read more: Russian gas will not be replaced, EU made huge mistake - Former US colonel

At the beginning of the operation in Ukraine, Germany's Minister of Economy made claims that Germany can ensure energy supply without Russian gas, saying "We will buy more gas, but also coal from other countries," he told ZDF national broadcaster.

Germany, for many months, has been working with the European Union to develop alternatives to Russian supplies, according to Scholz.

"The federal government has been working for several months with its partners in the European Union and beyond to develop alternatives to Russian energy. But this does not happen overnight. Therefore, it was a conscious decision on our part to continue the activities of commercial enterprises in the field of energy supplies with Russia," Scholz said in a statement.

On Monday, British Prime Minister Boris Johnson said that Europe can't shut down Russian energy overnight and that a transition as such will require time to look for alternatives.

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"You can't simply close down use of oil and gas overnight, even from Russia. That's obviously not something that every country around the world can do," Johnson said in a press conference. "Clearly, there is going to be a transitional period. We are going to have to look for supply, we are going have to look for substitute supplies from elsewhere."

Furthermore, a video call was scheduled between the US, France, Germany, and the UK at 10:30 am on Monday to discuss the situation between Russia and Ukraine.

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"The President will discuss the latest developments regarding Russia and Ukraine in a secure video teleconference with President Macron of France, Chancellor Scholz of Germany, and Prime Minister Johnson of the United Kingdom," the White House said.

Recently, the US Secretary of State said that Washington has interest in undermining Russia as an energy supplier.

"We have a strong interest, we and our allies, in degrading Russia’s status as a leading energy supplier over time. This could be a profound strategic shift," Blinken told a press briefing.

However, Blinken claimed that Washington had no interest in reducing the global energy supply at the moment in light of the immediate impact of higher prices, which would hurt Americans and provide Russia with more money from the energy it could sell.

European and British gas prices surged Friday, reaching record highest as crude oil spiked to unprecedented levels in light of the Ukraine crisis.

Russian gas will not be replaced, EU made a huge mistake

Former US colonel and Eurasia Center Vice President, Earl Rasmussen, said the European Union's latest sanctions and economic retaliation against Russia will backfire and cause a massive recession in Europe. 

The European sanctions, as described by European Commission chief Ursula von der Leyen, are the "largest sanctions package" in EU history, admittingly saying that they will "come at the cost of our economy too."

Read more: EU and UK sanctions to exacerbate energy crisis

British Petroleum will also be dumping its stake in Rosneft, a Russian petroleum company. Dutch oil company Shell also said that it will be backing out of joint ventures with Gazprom and Gazprom Neft, including the Sakhalin II project while also canceling its involvement in the Nord Stream 2 pipeline. Nord Stream 2 has recently had its license revoked by Germany. 

Rasmussen warned that the decision by Berlin, strongly pressured by the Biden administration, will send energy costs spiraling wildly out of control not just in Germany but in surrounding nations too.

"Energy markets will peak," Rasmussen said, stating that despite repeated assurances from Biden, Washington is in no condition to replace Russia’s plentiful and cheap supplies of natural gas to Europe with any alternative energy supply that is remotely comparable in either scale or cost.

"How will Europe replace Russia’s gas? It will not! Welcome global austerity!" he said, noting that Russia is one of the world's largest gas exporters with larges reserves. 

"EU leaders have made a huge mistake. Russian gas will not be replaced - impossible. Also, the gas [to be] replaced will be significantly more expensive, perhaps two to four times more expensive," he said.

The consequences of the sanctions implemented by the EU and US will be felt in both regions, according to the former US colonel, noting that tough times are ahead.