A war in Ukraine would have a “very damaging impact” on oil and gas prices across Europe, the Foreign Secretary has warned.

Liz Truss is among the latest politicians to warn about the economic cost of Russia's potential invasion into Ukraine.

Liz Truss told BBC Breakfast: “First of all, if we did see a war in Ukraine, that would have a very damaging impact on oil and gas prices across Europe. This is why we need to reduce dependence on Russian gas, find alternative sources."

In a message to European allies on Monday, Boris Johnson said the world needed to demonstrate the political and economic cost an invasion would have on Russia, including by ending reliance on its gas.

He said “the world needs to learn the lesson of 2014” when not enough was done to move away from Russian gas and oil following Moscow’s action in eastern Ukraine and the annexation of Crimea.

Western Telegraph: Prime Minister Boris Johnson in Kyiv, Ukraine pictured holding crisis talks with Ukrainian president Volodymyr Zelensky amid rising tensions with Russia. Photo via PA taken on Tuesday, February 1, 2022.Prime Minister Boris Johnson in Kyiv, Ukraine pictured holding crisis talks with Ukrainian president Volodymyr Zelensky amid rising tensions with Russia. Photo via PA taken on Tuesday, February 1, 2022.

Oil and gas prices in the UK and Europe

Speaking to BBC Breakfast, the foreign secretary said: “In fact, in the United Kingdom only 3% of our gas is from Russia, which is different from continental Europe.

“What we’ve done in the UK is we’ve frozen petrol duty for a number of years, saving people £15 on their filling-up of petrol. And we’re working to support families with the cost of living but, of course, a war in Ukraine would do further damage to the European gas market.”

The Nord Stream gas pipeline and North Stream 2 - why is it important?

The Nord Stream pipeline and Nord Stream 2 – which is yet to begin operations – supply gas directly from Russia to Germany.

The pipelines are a source of tension among western allies drawing up sanctions against Russia, with president Joe Biden insisting Nord Stream 2 would be blocked if Russian president Vladimir Putin invaded Ukraine. Germany has so far been reluctant to spell out what measures it would take.

In response, Mr Johnson said: “What I think all European countries need to do now is get Nord Stream out of the bloodstream."

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Moscow has accused the UK and US of a propaganda campaign and insisted it was ready to continue talks.

British officials reportedly believe Russia is sending thousands more troops to the border. The Guardian reported officials estimate a further 14 Russian battalions are heading towards Ukraine, each numbering about 800 troops, on top of 100 battalions massed on the borders.

Reports based on US intelligence assessments have suggested an invasion could be launched as soon as Wednesday.