STORY: Russian President Vladimir Putin said Wednesday that Moscow could halt gas supplies to Europe “right now”. The warning came amid a spike in energy prices triggered by the Iran crisis. Putin made the comments when asked about European plans to ban Russian gas imports:”Still, they have said that they plan to impose restrictions on purchasing the Russian gas, that they plan to do it in a month, with the 24th being the last day and starting from 25th they will impose restrictions on gas, including liquefied gas. And in 2027 they will impose further restrictions up to a total ban. At the same time, other markets are opening up. And perhaps it would be more profitable for us to stop supplying the European market right now. To move into those markets that are opening up and establish ourselves there. There is no political motive here, I want that to be clear. But if they are going to close us off in a month or two anyway, then perhaps it is better for us to stop ourselves now?”Russia holds the world’s largest natural gas reserves and is the world’s second-largest oil exporter.But Moscow lost most of its lucrative European market after the region sought to reduce its dependency on Russian energy due to the invasion of Ukraine.Putin said oil prices were rising due to the “aggression against Iran” and Western restrictions on Russian oil.He also blamed Europe’s “mistaken policies” in the energy sector.”This is not a decision. In this case, it is, as they say, thinking out loud. I will definitely instruct the government to work through this issue together with our companies.”With Europe turning away from Russian gas, Moscow has turned increasingly to China, the world’s leading consumer and importer of energy.
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