Full Breakdown
Putin Warns of Potential Surge in European Gas Prices
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Putin Warns of Potential Surge in European Gas Prices
During his visit to India for the BRICS summit, President Vladimir Putin told reporters in New Delhi that European natural-gas prices could climb to as much as $1,500 per 1,000 cubic metres. He said Russia had previously supplied gas at $150-$180 per 1,000 cubic metres, but Europe’s demand for a market-based pricing system “resulted in higher prices.” Putin added that current prices are around $1,000 (or 1,000 euros) and could rise further.
Energy Market Context Amid Ukraine Conflict
The warning comes as European gas prices have broken above €80 per megawatt-hour for the first time in more than three years. Analysts link the rise to the prolonged war in Ukraine, noting that Russian gas facilities—some located up to 3,000 km from the Russian border—have faced repeated attacks, tightening supply and pushing prices upward. The broader backdrop includes heightened European concerns over energy security and inflationary pressure.
Official Statements from President Putin
Putin also used the briefing to shift blame for the Ukraine war onto Western policies, asserting that a European deployment of troops to Ukraine would constitute a direct war with Russia. He characterized recent far-right electoral gains in Germany as evidence of “structural errors” by “Western globalist forces” that, after the Cold War, began to see themselves as infallible. Despite the rhetoric, Putin emphasized that Russia does not intend to threaten European countries.
Current Prices and Market Figures
- Historical Russian export price: $150-$180 per 1,000 cubic m³.
- Reported current price level: about $1,000 (?1,000 euros) per 1,000 cubic m³.
- Spot price record: > €80 per MWh, a three-year high.
Verbatim Quotes
- “European gas prices could rise to as high as $1,500 per 1,000 cubic meters (m³).” — President Putin, russian president