Russia may halt gas supplies to Europe amid Iran energy spike, Putin warns

Russia could halt gas supplies to Europe right now amid a spike in energy prices triggered by the Iran crisis, President Vladimir Putin warned on Wednesday, linking the possible decision to the European Union wanting to ban purchases of Russian gas and liquefied natural gas.

Oil and gas prices have soared following the ‌US and Israeli attack on Iran and Tehran’s strikes on Gulf Arab neighbours.

The conflict has paralysed shipping through the Strait of Hormuz and forced the shutdown of Qatar’s LNG production and Saudi Arabia’s largest oil refinery.

Putin said oil prices were rising due to the “aggression against Iran” and due to Western restrictions on Russian oil, while European gas prices were rising because customers were willing to buy gas volumes at higher prices due to events in the Middle East and the closure of the Strait of Hormuz.

Asked by a Russian state television’s top Kremlin correspondent Pavel Zarubin about European plans to impose a total ban ⁠on Russian pipeline gas imports by late 2027 and to ban new short-term Russian LNG contracts from late April 2026, Putin said it might be more beneficial for ‌Russia to stop selling the gas right now.

“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.