'Maybe We Should Stop Supply Right Now': Putin's Gas Threat To Europe Amid Iran War

Last Updated:March 04, 2026, 23:19 IST

Putin noted that Europeans were "planning to introduce new restrictions" on Russian energy, but said "other markets are opening".

Russian President Vladimir Putin suggested that Moscow might consider halting gas supplies to European markets entirely, making the remarks as the expanding US-Israeli war on Iran sent European gas prices surging by more than 50%.

“Maybe it would make sense for us to stop supply of gas to European markets right now," Putin said, before adding, “Not a decision yet, I’m just thinking out loud."

He noted that Europeans were “planning to introduce new restrictions" on Russian energy, but said “other markets are opening".

Read more: CIA’s Secret Plan To Trigger An Uprising Inside Iran Using Iraq-Based Kurdish Forces, Revealed

Why Are European Gas Prices In Crisis?

The immediate trigger for Europe’s energy alarm is the disruption of the Strait of Hormuz, the narrow waterway through which more than 20% of global oil and roughly 20% of the world’s liquefied natural gas passes. The conflict has prompted precautionary shutdowns of oil and gas facilities across the Gulf region, with Qatar- which supplied 6% of EU LNG in the third quarter of 2025- halting LNG production this week.

The benchmark European gas price, the front-month contract at the Dutch TTF gas hub, surged more than 50% on Monday, climbing to 48.66 euros per megawatt hour. The spike has rattled European governments still nursing the energy wounds of the 2021-22 Russian supply crisis and has exposed how vulnerable the continent remains despite years of diversification efforts.

The EU’s gas supply coordination group- which includes representatives from EU governments and monitors storage and security of supply- met on Wednesday to assess the impact of the conflict. The EU’s oil coordination group was also convened within 48 hours. The European Commission said it expected no immediate oil supply impact but asked member governments to share their security of supply assessments by end of day.

Read more: ‘Objective Is Regime Change’: Israeli Foreign Minister Says Iran War May Be Long

How Dependent Is Europe On Russian Gas Still?

Europe has replaced much of the lost Russian volume through Norway- now the bloc’s top gas supplier at over 30% of total imports- as well as through a tripling of US LNG imports between 2021 and 2025, and increased deliveries from North Africa and Azerbaijan. The US supplied 58% of EU LNG last year.

However, the EU remains a significant importer of Russian LNG, with France, Spain and Belgium among the top buyers. The EU formally adopted a legally binding regulation in January 2026 to end all Russian gas imports by late 2027, setting out a stepwise prohibition schedule covering both LNG and pipeline gas.

News world 'Maybe We Should Stop Supply Right Now': Putin's Gas Threat To Europe Amid Iran War

Read More