Russian President Vladimir Putin has signaled that Russia could halt gas supplies to Europe, as the Iran crisis drives global oil and gas prices higher and disrupts energy markets.
Speaking to Kremlin correspondent Pavel Zarubin, Putin linked the possibility to European Union plans to phase out Russian pipeline gas imports by 2027 and restrict new Russian LNG contracts from April 2026.
“Now other markets are opening up. And perhaps it would be more profitable for us to stop supplying the European market right now. To move into those markets that are opening up and establish ourselves there,” Putin said, according to a transcript released by the Kremlin.
“This is not a decision, it is, in this case, what is called thinking out loud. I will definitely instruct the government to work on this issue together with our companies,” Putin said, linking the possible decision directly to Europe’s “misguided policies”.
“Customers have emerged who are willing to buy the same natural gas at higher prices, in this case due to events in the Middle East, the closure of the Strait of Hormuz, and so on,” Putin said. “This is natural; there’s nothing here, there’s no political agenda – it is just business.”
“If such premium buyers emerge, then I think, I’m even certain, some traditional suppliers, such as the Americans and American companies, will, of course, leave the European market for higher-paying markets,” Putin said.
“Russia has always been and remains a reliable energy supplier to all our partners, including, incidentally, European ones,” Putin said. “And we will continue to work in this manner with those partners who are themselves reliable partners – for example, those in Eastern Europe, such as Slovakia and Hungary.”
Key points:
• Russia once supplied around 40% of EU pipeline gas, but the share fell to about 6% in 2025, according to EU data.
• Russia holds the world’s largest natural gas reserves and is the world’s second-largest oil exporter.
• Europe has replaced Russian gas with imports from Norway, the United States, and Algeria.
ℹ️ Reuters
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