Russian President Vladimir Putin said Moscow will consider ending most natural gas sales to Europe as the EU plans a ban by late 2027. Speaking on state television, Putin said he would instruct his government to assess redirecting supplies to more promising markets, arguing that American companies are already diverting volumes to higher-paying clients.

European gas prices spiked to a three-year high this week amid Middle East tensions, though they pared some losses after the US pledged to protect navigation in the Strait of Hormuz. While Russian fuel flows to Europe have dropped since the 2022 invasion of Ukraine, Russia still supplies pipeline gas to a few European markets including Serbia, Hungary and Slovakia.

Russian gas accounted for an estimated 13% of EU imports in 2025, worth over €15 billion ($17.4 billion) annually, according to the Council of the EU. Putin stressed that Russia still wants to deliver energy to what he called reliable partners such as Slovakia and Hungary, meeting with Hungarian Foreign Minister Peter Szijjarto in the Kremlin on Wednesday.