Quick overview

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Vladimir Putin, the president of Russia, stated that his nation may decide to stop selling the majority of its natural gas to Europe in favor of more promising markets. By late 2027, the European Union intends to gradually outlaw imports of Russian pipeline gas and liquefied natural gas.

 

The Russian leader stated that he would give his government instructions to consider rerouting supplies away from the bloc so that officials could address the matter with businesses. Putin stated on state television on Wednesday, “Other markets are opening now.”

Perhaps it would be better for us to stop supplying the European market at this time in order to establish a presence in those markets that are just opening.

European gas prices surged to a three-year high this week due to the escalating conflict in the Middle East. However, they recovered some of their losses today after the US announced plans to safeguard navigation in the Strait of Hormuz.

Russia still supplies pipeline gas to a few European markets, such as Serbia, Hungary, and Slovakia, even though Russian fuel exports to Europe have decreased since the invasion of Ukraine in 2022. Additionally, the nation imports some fuel from the Yamal LNG plant, which is run by Novatek. According to the EU Council, Russian gas still made up an estimated 13% of EU imports in 2025, totaling more than €15 billion ($17.4 billion) per year.

The Russian leader emphasized that his nation still desired to supply energy to what he described as dependable allies like Slovakia and Hungary during his meeting with Hungarian Foreign Minister Peter Szijjarto at the Kremlin on Wednesday