Russia could halt gas supplies to Europe amid rising energy prices triggered by the Iran crisis, President Vladimir Putin warned Wednesday. The warning comes as the European Union plans to ban Russian pipeline gas and limit LNG purchases. The potential move threatens Europe’s energy stability during an already volatile global energy market.
Putin said soaring oil and gas prices followed recent US and Israeli strikes on Iran. He also cited Tehran’s retaliatory attacks on Gulf countries and disruptions near the Strait of Hormuz. These events have tightened global energy supply and increased demand for gas worldwide.
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The Russian leader suggested that Moscow might redirect energy exports to more profitable markets. He said new buyers were willing to pay higher prices due to the Middle East crisis. Putin described the idea as preliminary and said the government would review the issue with energy companies.
Russia once supplied about 40 percent of the European Union’s pipeline gas. However, the EU sharply reduced reliance on Russian energy after Moscow’s 2022 invasion of Ukraine. According to EU data, Russian gas accounted for only six percent of supplies last year.
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Meanwhile, Russia has increasingly turned to Asian markets, particularly China, for energy sales. Moscow continues exporting oil, pipeline gas, and liquefied natural gas to new partners. Putin insisted Russia remains a reliable supplier to countries maintaining stable partnerships.