Stopping gas flows to Bulgaria and Poland is unlikely to have a major impact on the European gas market

For Europe, the gas stoppage could not have come at a better time: as the weather warms up in spring, gas consumption decreases, somewhat relieving the pressure that has kept prices high for several months.

Goldman Sachs analysts said they expect Russia's decision "will have only a minor physical impact" on the balance of supply and demand in Northwest Europe's key market.

"It is in the interests of both the EU and Russia to work out a solution," the Goldman analysts wrote, warning that a larger gas supply suspension could result in "significant economic losses."