Russian President Vladimir Putin has warned that Moscow could halt natural gas supplies to Europe amid rising energy prices linked to the ongoing crisis in Iran.
Putin links gas supply to EU policies
Putin tied the warning to the European Union’s plans to ban Russian gas imports and new LNG contracts. He stressed that no decision has been made yet, calling the statement “a thought aloud.”
Energy prices have surged following U.S. and Israeli attacks on Iran and Tehran’s retaliatory strikes on Gulf countries. The conflict has disrupted shipping through the Strait of Hormuz and led to closures of LNG facilities in Qatar and Saudi Arabia’s largest oil refinery.
“Oil prices are rising due to the attack on Iran and Western restrictions on Russian oil,” Putin said, adding that European gas prices are also climbing as buyers compete for supplies amid Middle East tensions.
Potential market shift
Putin noted that new markets are opening for Russia, suggesting it could be more profitable to redirect exports away from Europe. He clarified that he plans to instruct the Russian government to study the issue with domestic energy companies.
Russia holds the world’s largest gas reserves and is the second-largest oil exporter globally. However, it lost much of the European market after the 2022 invasion of Ukraine, when Europe sought to reduce reliance on Russian energy.
Currently, Norway, the U.S., and Algeria have filled much of the gap. Before the crisis, Russia supplied about 40% of EU pipeline gas imports; last year, this dropped to just 6%, according to EU data.
Russia could halt gas supplies to Europe ‘right now,’ amid a spike in energy prices triggered by the Iran crisis, President Putin warned, linking the possible decision to the European Union wanting to ban purchases of Russian gas and liquefied natural gas https://t.co/lRKY1A6XYg pic.twitter.com/PLkqFHPdhv
— Reuters (@Reuters) March 5, 2026
Shift toward Asia and reliable partners
Moscow has increasingly focused on China, the world’s largest energy consumer, for oil and gas exports, including LNG.
Putin emphasised that Russia remains a reliable energy supplier and will continue working with countries it considers dependable partners, citing Eastern European nations such as Slovakia and Hungary as examples.
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