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Russian Deputy Prime Minister Alexander Novak announced that the government will meet soon to discuss halting gas exports to Europe, after President Vladimir Putin stated that Moscow could stop supplies amid rising energy prices due to the conflict in the Middle East.

Novak said at a press conference today: "The government will hold a meeting to discuss the possibility of suspending gas supplies to Europe, in accordance with Putin's directives, while exploring ways to redirect Russian energy resources to more profitable markets."

Russian gas exports to Europe have sharply declined since 2022 due to sanctions related to the war in Ukraine; however, Moscow remains the second-largest supplier of liquefied natural gas to the European Union.

13% Price Increase

Natural gas prices in Europe continued their strong increases, recording one of the largest surges in recent years, amid the ongoing war in the Middle East and its impact on global energy flows.

European gas futures jumped by as much as 13% during today's trading, with ongoing concerns about supply disruptions through the Strait of Hormuz.

Fears increased after the closure of the Ras Laffan facility in Qatar, the world's largest liquefied natural gas export center, following an attack by an Iranian drone.

Some countries have begun searching for alternatives for supplies, as Taiwan announced it secured gas shipments for April from outside the Middle East, while Thailand is seeking additional shipments to bolster its supplies.