Russian President Vladimir Putin signaled on Wednesday that Moscow may proactively terminate natural gas supplies to the European Union for “commercial expediency” as global energy prices surge. Speaking during a state media interview in Moscow, Putin suggested that Russia might pivot to Asian markets immediately rather than waiting for the EU’s legally binding phase-out deadlines.
Moscow Considers Redirecting Gas to Asian Markets
President Putin stated that the EU’s move to introduce new restrictions on Russian gas and LNG within the next month has created a new reality in the energy sector. According to the Russian leader, it may be more “profitable” for Moscow to establish itself in emerging markets like China and India right now, rather than maintaining a presence in an increasingly hostile European market.
“There is no political subtext in this,” Putin claimed, framing the potential cut-off as a business decision. However, he emphasized that these remarks were currently “thinking out loud” and not yet a formal decree to state energy giants like Gazprom.
Russia could halt gas supplies to Europe ‘right now,’ amid a spike in energy prices triggered by the Iran crisis, President Putin warned, linking the possible decision to the European Union wanting to ban purchases of Russian gas and liquefied natural gas https://t.co/lRKY1A6XYg pic.twitter.com/PLkqFHPdhv
— Reuters (@Reuters) March 5, 2026
Iran Conflict Triggers Global Energy Volatility
The timing of Putin’s signal is critical, as the ongoing US-Israel war on Iran has already sent European natural gas prices soaring. Benchmark Dutch TTF gas contracts jumped by as much as 41% earlier this week following the effective closure of the Strait of Hormuz, a vital artery for global LNG flows.
“The energy crisis Europe is experiencing stems from the bloc’s own wrong policies. If we are to be blocked in a few months, it is better to stop right now.” — Vladimir Putin, President of Russia.
Experts warn that a simultaneous loss of both Middle Eastern LNG and Russian pipeline gas could leave Europe with a catastrophic supply gap. EU gas storage levels are currently reported at less than 30%, mirroring the dangerous lows seen during the 2022 energy crisis.
EU 19th Sanctions Package Targets LNG Loopholes
The European Union recently adopted its 19th sanctions package, which includes a phased ban on Russian LNG and a total prohibition of new gas contracts. While the EU plan aims for a full phase-out by late 2027, the current tension suggests that the timeline may be accelerated by Moscow‘s proactive withdrawal.
Key elements of the current energy standoff include:
- Hormuz Shutdown: 20% of global oil and significant LNG volumes are currently stranded.
- Pipeline Risks: TurkStream flows remain active but face increasing pressure from Brussels.
- Asian Pivot: Russia is rapidly expanding infrastructure to facilitate 100% redirection of Arctic LNG to Asia.
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What’s Next: EU Energy Council Emergency Meeting
The European Commission is expected to convene an emergency meeting of the Gas Coordination Group on March 10 to reassess security of supply. While EU officials currently claim there are “no immediate concerns,” a formal Russian decree to stop supplies would likely trigger emergency rationing protocols across the continent.
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