The Kremlin has appeared to leave the door open to a last-ditch compromise, saying that Russia wouldn't halt all supplies today as payments on deliveries due after April 1 wouldn't be taken until as late as May. Roughly 60% of gas imports into Europe are currently paid in euros, and the rest in dollars. What's more, Russian press reported Friday that the country hasn't seen a decrease in oil output

Given the dire consequences of losing Russian gas supplies, energy experts cited by Sky expect Russia and the EU to reach some kind of agreement to allow clients in countries like France and Germany continue to paying for their gas in euros while Gazprom converts the money to rubles in specially designated accounts.

"It was in the interest of both parties to avoid a complete halt of flows," said Leon Izbicki, a natural gas analyst at Energy Aspects. "Europe would need to implement rationing of gas, which would have massive ramifications and lead to industrial shutdowns, while Russia would lose yet another revenue stream."

Gazprom has already started laying the foundation for the move, having already sent requests for clients to make the switch. However, Bloomberg reported just minutes ago that Shell has already run into issues with Gazprom's proposed system for ruble payments as sanctions complicate the situation.