President Vladimir Putin warned that Russia may halt gas supplies to Europe as energy prices surge following the escalating crisis involving Iran, according to Reuters.

Speaking on March 4, Putin said the possibility was being considered as the European Union moves toward banning purchases of Russian pipeline gas by 2027 and restricting new short-term contracts for Russian liquefied natural gas (LNG) from April 2026.

Global oil and gas prices have spiked after US and Israeli attacks on Iran and retaliatory strikes by Tehran against Gulf Arab neighbours. The conflict has disrupted shipping through the Strait of Hormuz and forced shutdowns at key regional energy facilities, including LNG production in Qatar and Saudi Arabia’s largest oil refinery.

Putin said rising oil prices were driven by what he described as aggression against Iran as well as Western restrictions on Russian oil. He added that European gas prices were increasing because buyers were willing to pay higher prices for supplies amid Middle East tensions and the closure of the Strait of Hormuz.

According to a Kremlin transcript, Putin suggested it might ultimately be more profitable for Russia to redirect gas supplies to other markets that are opening up rather than continue selling to Europe. He said the idea was not yet a decision but rather a possibility under consideration, and that the Russian government would be instructed to study the issue with energy companies.

He also argued that if higher-paying buyers emerge elsewhere, some traditional suppliers, including US companies, could shift supplies away from the European market.

As Europe reduces its reliance on Russian gas, Moscow has increasingly turned toward China for energy sales, including oil, pipeline gas, and LNG.

Putin maintained that Russia remains a reliable energy supplier and said the country would continue working with partners it considers dependable, citing countries in Eastern Europe such as Slovakia and Hungary.