Kenneth Glad
Russia is reviewing whether it should continue supplying natural gas to Europe, as surging energy prices linked to the escalating crisis involving Iran reshape global energy markets.
Deputy Prime Minister Alexander Novak said on Thursday that the Russian government will soon meet with major energy companies to examine export options and supply routes. The review follows comments by President Vladimir Putin suggesting Moscow could reconsider its gas trade with Europe.
“We will meet soon… to discuss the current situation with energy companies and possible transport routes for our energy supplies,” Novak told reporters, writes Reuters, that adding officials would determine how to deploy Russian energy resources “most profitably.”
The discussion reflects a broader shift in Russia’s energy strategy after European nations began reducing dependence on Russian fuel following the invasion of Ukraine in 2022.
Energy shock meets political dispute
Putin raised the possibility of halting supplies during a televised exchange in Moscow with Kremlin correspondent Pavel Zarubin. He suggested Russia might benefit from redirecting gas to markets willing to pay higher prices.
“Now other markets are opening up,” Putin said, adding that it could “be more profitable” to stop selling to Europe and strengthen Russia’s position elsewhere. He stressed that no decision had been taken and described his comments as “thinking out loud.”
The remarks come amid turmoil in the Middle East following attacks involving Iran. According to Reuters reporting, U.S. and Israeli strikes on Iran and subsequent Iranian attacks on Gulf Arab neighbours have rattled energy markets.
Energy infrastructure across the Gulf has been disrupted. Tanker traffic through the Strait of Hormuz — a vital corridor for global oil and gas shipments — has been severely affected, while major facilities in the region have temporarily halted operations. Energy traders have been watching the situation closely as prices swing in response.
Putin argued the volatility had created opportunities for sellers able to redirect supplies to premium markets.
Europe cuts reliance while Russia seeks new buyers
At the same time, relations between Moscow and Brussels over energy remain strained. The European Union has been pushing to phase out Russian pipeline gas entirely by 2027 and to restrict new short-term LNG contracts from 2026.
Before the Ukraine war, Russia supplied roughly 40% of the EU’s pipeline gas. That share has dropped sharply as European countries expanded imports from suppliers such as Norway, the United States and Algeria.
Data cited by Eurostat shows Russian pipeline gas accounted for about 6% of EU imports in 2025. Including liquefied natural gas shipments, Russia’s share was roughly 13%.
Despite the decline, Russian gas still reaches parts of Europe through the TurkStream pipeline, which serves countries including Hungary, Slovakia and Serbia. Putin said Russia would continue working with partners it considers reliable, citing countries such as Slovakia and Hungary.
Meanwhile, Moscow has increasingly shifted its energy exports toward Asia, particularly China, as it looks to replace lost European demand.
Sources: Reuters, Eurostat
