Russia could halt gas deliveries to the European market ahead of schedule and pivot to more "premium" buyers, Russian President Vladimir Putin said in an interview with VGTRK journalist Pavel Zarubin.
He stressed these were merely "thinking out loud" remarks with no "political subtext," driven by the European Union’s planned 2027 embargo on Russian gas and broader market conditions amid escalating tensions in the Middle East, including a closure of the Strait of Hormuz.
"New markets are opening now. And maybe it’s more profitable for us to stop supplies to the European market right now? Move to the markets that are opening and secure a foothold there?" Putin said.
Earlier the same day, Putin met with Hungarian Foreign Minister Peter Szijjarto.
Budapest, along with Bratislava, continues to buy Russian oil and gas despite EU sanctions imposed on Moscow over the war in Ukraine.
After the meeting, Szijjarto said Hungary had received guarantees from Moscow for energy deliveries at current "unchanged" prices, despite the global energy crisis.
Guarantees of energy supplies were among the central topics of the talks.
Since late January, Hungary has not been receiving Russian oil via the Druzhba transit pipeline running through Ukraine, as officials in Kyiv say the pipeline has been damaged.
In response, Budapest is blocking an EU loan to Ukraine worth 90 billion euros.
The European Union will fully phase out Russian gas supplies by November 1, 2027.
The decision was adopted by qualified majority despite opposition from Hungary and Slovakia.
The ban covers both pipeline gas and liquefied natural gas (LNG).
LNG imports must end by the end of 2026, and pipeline deliveries by September 30, 2027.
However, the deadline can be extended to November 1, 2027, if EU countries face difficulties filling gas storage.
The measure also bars the signing of new gas contracts with Russia.
In 2024, about 19% of all EU gas supplies came from Russia.
AFP noted that even with a near-total embargo on Russian oil and a sharp reduction in gas purchases because of Russia’s war in Ukraine, in 2024 the EU was still paying roughly 1.5 billion euros a month into Russia’s budget.
