Heineken is preparing to cut beer production at its European manufacturing plants if faced by a severe gas shortage this winter.
The Dutch brewery giant, which is also behind Amstel and Fosters, said there was a growing "availability risk” of natural gas.
The Telegraph says Russia has cut supplies of gas to Europe in recent weeks and European Commission President Ursula von der Leyen said last month that Russia was "likely" to cut supplies further in retaliation for sanctions and support for Ukraine in the war.
The EU last week agreed plans to voluntarily reduce gas usage by 15% over winter in preparation for a possible shutdown.
Heineken chief executive Dolf van den Brink said the brewer would curtail its output in "extreme scenarios", but said he was "moderately confident" that production would continue as normal.
"The recent softening in some commodities is being offset by the unprecedented price levels and availability risk of natural gas - most notably affecting Europe, our biggest region," he said.
Heineken has been raising its prices and encouraging drinkers towards more upmarket and high-margin drinks, which has "effectively offset these inflationary pressures" added Mr van den Brink.
Price rises
The company has lifted prices on drinks by 8.9% over the past six months in comparison to the same period last year and Heineken said the price of a pint was likely to rise further in the coming months, as it is forced to pass on escalating costs.
Mr van den Brink went on: "Whilst consumer demand in aggregate has been resilient in the first half, there is increasing risk that mounting pressure on consumer purchasing power will affect beer consumption."
Despite the concerns, Heineken's latest financial performance beat analyst expectations with revenue up by more than a third to £14billion over the six month period.
Profits climbed by a fifth to £1.09billion.
Heineken said that it was eyeing "plenty of opportunities" to expand beyond beers in order to meet the changing wants of customers.
The company is also in the middle of a huge cost cutting drive.
Heineken, which is valued at around £46billion, has a large presence in Britain.
Big site in Edinburgh
Edinburgh is home to Heineken UK's largest site, with almost 600 staff.
At the end of May, the company announced plans to close Caledonian Brewery in Edinburgh, alongside an agreement in principle with Greene King to continue brewing Caledonian's brands, including Deuchars and Maltsmiths, at its Belhaven brewery in Dunbar.
There are 30 people employed at the brewery. Heineken said production at the location has steadily declined over the last 10 years as the company evolved its portfolio.
The Dutch group also has around 2,400 pubs to its name in the UK under its Star Pubs & Bars business.