WEB DESK: Russian President Vladimir Putin has warned that Moscow may consider cutting off gas supplies to Europe, citing rising energy prices sparked by the war in Iran and the European Union’s planned sanctions on Russian gas .
In a statement on Wednesday, Putin noted that energy prices are surging due to the conflict in Iran and Western restrictions on Russian oil. He pointed out that the EU intends to impose a total ban on Russian pipeline gas and liquefied natural gas (LNG), with some restrictions set to take effect as early as next month .
“Now other markets are opening up,” Putin said. “And it might be more profitable for us to stop supplies to the European market right now and move to those markets that are opening up and gain a foothold there” .
The Russian leader framed the potential move as a business decision rather than a political one, pointing to new customers willing to pay higher prices amid the disruption caused by the Middle East conflict . He confirmed he would instruct the Russian government and energy companies to work on the issue .
According to foreign media reports, as Europe’s dependence on Russian energy decreases, Moscow is actively pivoting towards other markets, including China, which has already been increasing purchases of Russian LNG . Experts suggest that if the Strait of Hormuz remains closed, disrupting supplies from major producers like Qatar, demand for Russian gas in Asia could rise significantly .
However, Putin also noted that Russia would continue to honor its commitments to “reliable partners” in Europe, specifically mentioning Slovakia and Hungary, which remain dependent on Russian energy
