Russian President Vladimir Putin hinted that Russia could immediately stop natural gas supplies to Europe and redirect its exports to “more promising“ markets. The statement comes against the backdrop of a sharp rise in energy prices caused by the crisis around Iran and the blockade of the Strait of Hormuz, bTV reported.
The comment was made to state television journalist Pavel Zarubin after a meeting with Hungarian Foreign Minister Peter Szijjarto. Meanwhile, the European Union is preparing to impose a full embargo on Russian gas until 2027-2028.
“Now other markets are opening up. "And maybe it would be more profitable for us to stop supplies to the European market right now and focus on these new markets to establish ourselves there," Putin was quoted as saying by international media. The Russian leader clarified that this was not a final decision, but rather "thinking out loud," adding that he would instruct the government and energy companies to analyze the situation.
According to him, "premium-class customers" have appeared on the market, ready to pay higher prices for natural gas due to the crisis in the Middle East. "Customers have appeared who are ready to buy the same natural gas at higher prices - because of the events in the Middle East, the closure of the Strait of Hormuz, etc. There is no political agenda, it's just business," Putin said.
The European context and the price spike
Natural gas prices in Europe rose sharply this week, with contracts on the TTF reference hub reaching their highest levels since January 2023. The reason is the tension affecting the export of energy resources from the Persian Gulf.
According to data cited by the Kyiv Independent, in 2025 Russia provided only 6% of gas imports to Europe via pipelines, with Norway, the United States and Algeria becoming the main suppliers. Data from the Bruegel think tank shows that the total share of Russian gas in EU imports was 12.1% in 2025.
The European Commission is expected to present a legislative proposal on April 15 for a permanent ban on Russian oil imports, according to a document seen by Reuters. The restrictions on Russian gas will be introduced in stages - the ban on liquefied natural gas under short-term contracts will come into effect on April 25, 2026, and the ban on long-term contracts on January 1, 2027.
Slovakia and Hungary - “Reliable Partners“
Putin stressed that Russia would continue to supply energy to countries it considers “reliable partners“, specifically naming Slovakia and Hungary.
“We will continue to work in this way with partners who are themselves reliable partners“, he said.
The Kremlin's special representative Kirill Dmitriev sent an even sharper message: “Russia can stop gas supplies to Europe. If you have any questions – contact Ursula von der Leyen, Kaia Kalas and the other Russophobes.“