Russia is accusing Belarus of diverting some of the oil flowing through its pipelines. It seems that the pressure in the oil pipeline going through Belarus had dropped noticeably. Russia is blaming Belarus for this because they think Belarus is siphoning off oil from the pipeline going through their country.
Germany and Poland are reliant on Russia's oil as well as other European countries, so this is a big deal. The Polish Economy Ministry assured everyone publicly that Poland had enough reserves right now and there was no need for worry.
The keyword here is PANIC. There needs not to be a PANIC about OIL in EUROPE. It is that panic that Russia is playing with.
So what can be done? What would really happen if Russia cut its oil supplies to Europe? Would they honestly sit by and let thousands of people freeze to death? Perhaps. One thing that would definitely happen is that Europe would find an alternative to oil as fast as possible. Russia would become an international pariah. I doubt Putin really cares about that. He just misses seeing the fear in their eyes.