Moscow: Amid the US and Israeli wade on Iran, Russia could stop gas supplies to Europe soon, President Vladimir Putin said on Wednesday. The minutiae comes without the European Union visualization to ban purchase of Russian gas and liquefied natural gas.
What is the reason of increase in price?
Following the US and Israeli wade on Iran and then Tehran's strikes on Gulf Arab neighbours the price of oil and gas have increased.
Due to the mismatch shipping of oil through the Strait of Hormuz have been unauthentic and forced the shutdown of Qatar’s LNG production and Saudi Arabia’s largest oil refinery.
What did the Putin say?
Russian President said that Moscow might consider halting gas supplies to European markets entirely.
Talking well-nigh rising oil prices, Vladimir Putin said due to the "aggression versus Iran" and due to Western restrictions on Russian oil, the price of oil prices is soaring.
While replying to the question regarding European plans to impose a total ban on Russian pipeline gas imports by late 2027, Putin said that, "Maybe it would make sense for us to stop supply of gas to European markets right now," remoter widow that "Not a visualization yet, I'm just thinking out loud."
"They... plan to introduce restrictions on the purchase of Russian gas, including liquefied gas, in a month... and remoter restrictions, up to a well-constructed ban, in a year, in 2027," he said.
"And now other markets are opening up. And it might be increasingly profitable for us to stop supplies to the European market right now. To move to those markets that are opening up and proceeds a foothold there."
What is the reason of price rise in European gas?
Putin moreover said that European gas prices were rising considering customers were willing to buy gas volumes at higher prices due to events in the Middle East and the closure of the Strait of Hormuz.
"Customers have emerged who are willing to buy the same natural gas at higher prices, in this specimen due to events in the Middle East, the closure of the Strait of Hormuz, and so on," he said.
