04.03.2026 22:38
Gas prices in Europe have sharply increased following the attacks by the US and Israel on Iran and Tehran's closure of the Strait of Hormuz, prompting a notable statement from Russian President Vladimir Putin. Putin indicated that Russia could completely withdraw from the European gas market and announced that he would instruct the government to take the necessary steps to completely halt gas shipments to the European Union.
Russian President Vladimir Putin made evaluations regarding developments in energy markets on the Russian state channel Rossiya 24.
"UKRAINE PLANS TO ATTACK TURKSTREAM AND NATURAL GAS PIPELINES"
Reacting to Ukraine's attack on a Russian tanker in the Mediterranean using unmanned sea vehicles, Putin stated, "This is a terrorist attack. We are not encountering such incidents for the first time." He mentioned that Ukraine's attacks on energy infrastructure have harmed Europe and that it is also planning to attack the TurkStream and Ukrainian natural gas pipelines in the Black Sea.
POINTED OUT DEVELOPMENTS IN THE MIDDLE EAST
Explaining that the price increases in the European natural gas market are not related to suppliers, Putin noted that suppliers such as the USA, Norway, Algeria, and Russia have not reduced their shipments. He assessed that the price has increased due to customers willing to buy natural gas at higher prices from Europe following developments in the Middle East.
"MAYBE IT WOULD BE MORE PROFITABLE FOR US TO STOP SUPPLIES TO THE EUROPEAN MARKET RIGHT NOW"
Indicating that Europe plans to completely ban Russian natural gas, including liquefied natural gas (LNG), Putin said, "New markets are opening up. Maybe it would be more profitable for us to stop supplies to the European market right now. We can enter the opened markets and solidify our position there."
Emphasizing that they do not approach this issue politically, Putin stated, "Wouldn't it be better if we stopped the shipments ourselves now and sent them to reliable partner countries? I will definitely instruct the government to address this issue together with our companies." He noted that better markets could emerge than Europe and that many natural gas suppliers would go to these markets, mentioning that the USA could also be among these suppliers.
IRAN CLOSED THE STRAIT OF HORMUZ, GAS PRICES IN EUROPE INCREASED
On the other hand, the steps taken by Iran are also being closely monitored. Major General Ibrahim Jabbari, Advisor to the Commander of the Islamic Revolutionary Guard Corps, announced that they have closed the Strait of Hormuz to crossings and will attack ships attempting to pass.
The narrow waterway of the Strait of Hormuz, located at the mouth of the Persian Gulf, connects Middle Eastern oil and liquefied natural gas (LNG) production to global markets via the Oman Sea and the Indian Ocean. Approximately 20% of the world's LNG exports are transported through this passage. Almost all of Qatar's LNG exports, one of the largest LNG exporters, reach international markets via the Strait.
European gas prices sharply increased due to concerns about global energy supply following the attacks by the USA and Israel on Iran and Tehran's closure of the Strait of Hormuz. Prices rose to 65 euros per megawatt-hour, marking a 100% increase compared to the levels before the attack.